The Australian reveals that the buyer of Sotheby’s Correggio in London this Summer was investment manager Andrew Sisson who bankrolled the purchase:
Madonna and Child with the Infant Saint John the Baptist, from the early 16th century, was purchased for $5.2 million with a cash donation from Andrew Sisson. By coincidence, the art auction in London was on the same day last month that Mr Sisson sold his firm Balance Equity Management to US-based Franklin Templeton. The firm had about $10 billion in funds under management. Mr Sisson said the strong dollar, relative to sterling, had increased his purchasing power by about 50 per cent at the Sotheby’s auction.
“I am an investment manager and I do think that way, to be honest,” he said at the NGV after the painting was unveiled. “You look at the way things move over time, and this is a great opportunity to buy something using our dollar and get a lot of value for it.”
Strength of Dollar Brings Renaissance to Gallery (The Australian)
