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Сообщение от fross
Previously regarded as the largest fund, pension fund formed British Railways in 1974 to $ 70 million dollars
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"A strange and somewhat bizarre it may seem a solution, which took in 1974, pension fund managers of British Railways, Christopher Levin. He decided to invest about 40 million pounds, or 2.5%of the investment fund's portfolio - today, this amount corresponds to approximately 200 million pounds, or 375 million dollars - a collection of 2,425 works of art from old masters to Chinese porcelain. Levin wanted to reduce its dependence on the pension fund sluggish at the time the London stock market. The Fund has signed a contract with Sotheby's, on which the auction house had to act as investment advisor, an additional paragraph in the agreement stipulates that any sale of works from the collection of the fund will go through Sotheby's. It was assumed that both will get a higher price - because the fund will not have to haggle with the auction house on the commission.
Sotheby's tried to escape from any accusations of conflict of interest and founded an independent company Lexboume. And the protagonists of the art market, and the press wondered how Sotheby's will be able to simultaneously act as an agent of sellers and an independent consultant to the pension fund. However, Levin and the fund in his face, said that it is quite comfortable with such an arrangement.
The Fund has sold his collection to the period from 1987 to 1999, much of it went at auction in 1989, Sotheby's described the auction by one of the most significant sales of works of the same owner for many years. Among other things, these auctions are clearly manifested and value of provenance. An engraving by Albrecht Dürer, "The Virgin with the Pear from the collection of the fund was estimated at 10-14 thousand pounds and sold in June 1987 for 10,450 pounds, and at 9,000 pounds bid in the auction offered five potential buyers. The same woodcut by Durer - the same theme, the same state - was proposed about a week later at Sotheby's estimate: 4000-6000 pounds and sold for 4,400 pounds - less than half the cost of engraving, which was listed in the provenance of a collection of the British railways.
The Fund has received from its total revenue collection in the 13%is less than 14-16%, which could be obtained from investments in the company of FTSE 100 or S & P 500 over the same period, but slightly more than if the money had been invested in government bonds. Facility lucky and date of sale: many works of the collection were sold near the maximum rise of the market. And all through the whole year of art collapsed. If the collection was auctioned at this point, total revenue amounted to less than 5%per annum. It should be noted that three-quarters of profits received from only twenty-five paintings by the Impressionists. At the same time for all time spent fund to pay for consultation and auction services to an amount equal to half of all profits. This operation fund is regarded as successful because the British Rail was a way to diversify risks. Only one part of the collection has increased dramatically in price, but no one could have predicted at the outset that it was prepared for the impressionists such a success. "(D. Thompson." How to sell for $ 12 million stuffed shark ")