Russian billionaire Dmitry Rybolovlev paid 54 million euros (then $85 million) for a landscape by Paul Gauguin in a private transaction in June 2008. On Tuesday, he took a 74 percent loss on his investment.
Gauguin’s 1892 landscape “Te Fare (La Maison)" fetched 20.3 million pounds ($25 million), including commission, at Tuesday evening’s sale of Impressionist and modern art at Christie’s in London. Rybolovlev will net about $22 million based on the hammer price. The auction house had estimated the value at $15 million to $22.4 million. The buyer was a client of Rebecca Wei, president of Christie’s Asia.
To read more:
https://www.bloomberg.com/news/articles/2017-02-28/that-85-million-painting-bought-as-an-investment-now-down-74
Te Fare by Paul Gauguin - Source: Christie’s
You may also like to read:
* Sotheby's Role in Major Da Vinci Sale Disputed
