All told there are 60 lots, which carry an overall estimate of $1b to $1.38b. (The following day comes a second sale with lower-priced works from Allen’s collection, with a total estimate of $58m to $87m.) This assumes, of course, that there will be bidders. Any mere billionaire can buy a $10m painting. But how many are liquid enough to spend $100m? And how many actually want to?
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Auction of Paul Allen’s collection will test billionaires’ buying power
Dealers who cater to ultrahigh net worth clients say the demand is there. The dealer Christophe Van de Weghe estimates that there are roughly 300 total candidates for a $120 million painting. “But who will bid is a different story,” he says.
