Papa was a rolling stone
Where ever he laid his hat was his home
and when he died, all he left us was alone
Bloomberg: “Sotheby’s Financial Services Inc. made a Sept. 13 filing with the state of New York that showed the auction house’s lending unit was holding 56 pieces from Brant’s collection as collateral, ranging from works by Warhol, Basquiat, Lichtenstein and Jeff Koons to those by younger artists, such as Elad Lassry and Wade Guyton. Also on the list was “Deodorized Central Mass with Satellites,” a room-sized installation that hedge-fund manager Adam Sender sold in 2006 for $2.7 million, an auction record for the late artist Mike Kelley, who committed suicide earlier this year.”
BTW: The Kelley has been exhibited at Basel Miami with Shafrazi last December and now will be on show at Perry Rubenstein Gallery in LA—guess banks have a pretty flexible and generous collateral loaning policy these days. Much more finance activity like this could be a indicative of a giant warning sign for the upward trajectory of art.