Aug 17 2007 | 12:43pm ET
The subprime mortgage market collapse is poised to sink a very different kind of market: the art market.
Los Angeles billionaire Eli Broad knows both markets well. He’s one of the top ten art collectors in the world, according to ARTnews, and he was also part of a group of investors pouring $1 billion into a troubled Goldman Sachs hedge fund. And he says losses in the latter industry are going to have a big effect on the former.
“Many of the buyers of contemporary are have been hedge-fund managers and other investors who obviously are having a difficult time and have lost lots of money,” he said in an e-mail statement.
Mar 10 2014 | 11:33am ET
A huge thank you to all of the people who helped make last Thursday’s HFC NY Open Your Heart to the Children Benefit such a success. The charity gala raised nearly $2 million to prevent and treat child abuse in New York, New Jersey and Connecticut. Read more…