One man bought 20% of the value of the Sotheby’s sale of Canadian art last week, according to the Globe and Mail:

Tom Budd, who splits his time between Calgary and Kelowna, came to Toronto initially with two bidding goals: first to buy a large oil on canvas by the Group of Seven’s Arthur Lismer called Bon Echo Rock, valued pre-sale at $250,000-$350,000, then snag an early Canadian red ensign dating to 1868, valued at $40,000-$60,000.

The 53-year-old financier succeeded in placing the winning bids on both of these lots. He got the Lismer for $778,750, including the buyer’s premium (20 per cent charged on the first $50,000 of the hammer price, 15 per cent on the balance), while the flag, which bears the coats of arms of Canada’s first four provinces, went down for $117,500. But then, “there was this other stuff going at what I thought was pretty reasonable value and, well, I just couldn’t help myself,” he said in a brief interview afterwards.

Sotheby’s was pleased by his lack of restraint. By dollar value, Mr. Budd’s purchases accounted for more than 20 per cent of the approximately $7.4-million the auctioneer earned in total from its live sale.

Retired Banker’s Buying Spree a Highlight at Sotheby’s Auction (Globe and Mail)