1 hr ago
Bankrupt Fund Founder Weiss to Auction Art Through Sotheby’s
George Allen Weiss collected many valuable artworks.
His hedge fund and he later filed for bankruptcy.
He owes money on a loan from Bank of America that was backed by his art.
A court approved a plan for Sotheby’s to sell 16 pieces from his collection.
The auction is expected to happen in November.
The works will be shown to possible buyers in several cities.
Sotheby’s has promised a minimum combined price for six of the works.
Money from the sales will be used to pay the loan and possibly other creditors.
George Allen Weiss agreed to auction 16 artworks through Sotheby’s later this year.
The sales will help repay a Bank of America art-backed loan.
The artworks are expected to be included in Sotheby’s November auction.
Six artworks have a guaranteed aggregate minimum sale price from Sotheby’s.
Weiss must reduce the loan’s approximately $93.9 million balance to at least $25 million by the end of 2026.
- Who
- Bankrupt hedge fund founder George Allen Weiss, Sotheby’s, Bank of America, and his creditors are involved.
- What
- Weiss agreed to sell 16 artworks through Sotheby’s to reduce an art-backed loan.
- Where
- The artworks will be promoted and shown in Paris, London, Hong Kong, New York, and other cities; the case is in the U.S. Bankruptcy Court for the Southern District of Florida.
- When
- The auction is expected in November, with the loan reduction required by the end of 2026.
- Why
- The sales are intended to repay Bank of America’s loan and may later provide funds for Jefferies Financial Group and other creditors.
Key facts
- Artworks for auction
- 16 pieces
- Expected auction
- Sotheby’s November auction
- Bank of America loan
- Originally $132.6 million in 2018
- Outstanding principal
- Approximately $93.9 million
- Required debt reduction
- To at least $25 million by the end of 2026
- Earlier art sale
- A Claude Monet painting sold for $36.5 million
- Additional collection
- More than two dozen artworks will remain in Weiss’ collection
Quotes
Paul Battista
Lawyer representing George Weiss in the bankruptcy proceedings
“Individuals who acquire art of this ilk, and this value, are not used to the bankruptcy process.”
livemint.com
“The market’s going to speak”
livemint.com
Sources
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