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Rage Against the Chair

February 25, 2009 by Marion Maneker

It’s understandable that the price paid for the Eileen Gray “Dragon Chair” would provoke dismay and even anger. It’s surprising to see that commentary come from a financial news site like Bloomberg. Nonetheless, we were struck by some of the tortured reasoning behind the anger. Here Mark Beech fulminates against the purchase:

For billionaires, art dealers and some of Vallois’s clients, $28 million may be small change. But for many of us, just think what you can do with that. Maybe buy a private island, a Learjet and have enough change left over for Michelin three-star meals for life. Or if you are feeling philanthropic, there are plenty of charities groaning under the weight of the credit crisis who would find this a nice sum to tide them over until better days.

Leaving aside the hospitals that could be built [emphasis added] or theaters that could be saved, you could fill your shopping cart with a Hirst and a Rembrandt engraving; or a small Henry Moore and a medieval manuscript.

I guess Mr. Beech has forgotten that the proceeds of the sale–including the $28 million for the chair–will go to a foundation that supports AIDS research. So, instead of thinking of the sale as a waste of money, he should think of it as M. Bergé inducing many people to “build a hospital” by offering them one of his shiny objects in return. That might make him feel better. Though it may not make it any less amazing that someone spent $28 million on a Dragon Chair.

Saint Laurent $28 Million Chair Defies Economic Logic: Comment (Bloomberg)

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Filed Under: Uncategorized Tagged With: Christie's, Paris

About Marion Maneker

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