Eli Broad spoke to Bloomberg‘s Scott Reyburn at Art Basel:
“At the fair,” said Broad, “we bought a drawing for an Ed Ruscha painting we have in our Foundation for a fraction of the price it was estimated at in an auction a year ago. It failed to sell.” Silver-haired Broad, wearing a dark-blue blazer and open shirt, was speaking as dealers said more realistic pricing and an emphasis on classic works had generated better-than-expected sales at the preview day.
“We always planned to use our collection as a lending library from which many museums could borrow works and display them,” said Broad. “We don’t want the works to be sitting in a basement and not be seen by the public. We believe in the democratization of art.”
[…] He has a net worth of $5.2 billion, said Forbes in a survey of the world’s billionaires in March. His wealth was down $1.5 billion in six months as AIG stock dropped 98 percent, said Forbes. It valued his collection of contemporary art at $1.5 billion[…] Broad has a private collection of 600 further works “which will end up in the foundation,” he said.[…] “The foundation is still buying works,” said Broad. “For a few years when things were wild, we hardly bought anything at auction. We also went back to buying older pieces.”