Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Kiefer Collector’s Trading Operations Back in Play

February 14, 2014 by Marion Maneker

Andy Hall, the Kiefer collector and private museum owners, is back in the news for his day job. Hall runs Phibro, the oil trading firm that was once part of Citibank and is now backed by Occidental Petroleum, and also has a hedge fund. Phibro became he center of a national debate on banks and the compensation paid to their employees after the financial crisis when Hall was owed a £100m bonus.

Now Occidental is scaling back its involvement with Phibro, according to the Wall Street Journal:

Analysts have been critical of Oxy’s acquisition of Phibro, saying it was a bad fit and that the company did not provide enough information about its operations and how they impacted financial performance.

“It didn’t work for them,” said Fadel Gheit, a corporate equity energy analyst for Oppenheimer & Co. “It was bad, it didn’t work and they’re getting out.” Given the company’s limited experience speculating in markets, “It’s like you’ve never gambled but you’re buying a casino,” Mr. Gheit said.

Another Corporate Shuffle for Star Trader Andy Hall? (WSJ)

More from Art Market Monitor

  • Australian Artbank De-accessions, Causes ComplaintsAustralian Artbank De-accessions, Causes Complaints
  • Silent Armory(Vernissage TV)Silent Armory(Vernissage TV)
  • Cheyenne Westphal to Join Phillips in Spring ’17Cheyenne Westphal to Join Phillips in Spring ’17
  • Prints Pressed DownPrints Pressed Down
  • Hungary Ducks Restitution ClaimHungary Ducks Restitution Claim
  • Frieze Dropped?Frieze Dropped?

Filed Under: Collectors

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor