It looked like Condé Nast boss Si Newhouse was going to lose big when he put a prized sculpture up for auction at Sotheby's last night. But he ended up doing fine! Or close to it, least. Instead of losing as much as $10 or $12 million on the sale, he only came up $2.8 million short in the end:
When a Giacometti sculpture, "L'Homme Qui Chavire," came up for sale, for example, six bidders sought the work, which was conceived in 1950 and cast a year later. It was being sold by S. I. Newhouse Jr., the publishing magnate who owns Condé Nast, which has recently undergone layoffs. Before the auction, dealers said Mr. Newhouse had paid about $20 million. He may not have made back all his money, but he came close. With a high estimate of $12 million, it went for $17.2 million, or $19.3 million with Sotheby's commission.