The Sydney Morning Herald flags this corporate art collection that will be sold later in the month as Australia’s auction season heats up:
A collection of 73 works by contemporary art stars will be auctioned this month in the first corporate art sell-off in response to the financial crisis. Austcorp Group’s art collection goes under the hammer at Sotheby’s on August 25, three months after the property group fell into voluntary administration with debts of $550 million. The sale will make only a small dent in the debts, with an estimated sale price of between $807,500 and $1.1 million.
Canvassing Offers to Help Pay Off Debt (Sydney Morning Herald)
