That big Yves Saint Laurent art auction certainly has saved the art world. By proving that the dumb money is still out there. That $28 million chair was just one of the craziest buys:

"An early 18th-century Gobelins tapestry of a Brazilian native potentate being carried through a jungle in a hammock fetched 553,000 euros yesterday. The 12-foot-high hanging had been expected to fetch 100,000 euros to 150,000 euros.
'That was a crazy price,' said Machault, who specializes in tapestries. 'The top of the tapestry was restored and it was worth half that.'"


"A telephone bidder paid a 10 times-estimate 46,600 euros for a lump of black quartz that had been owned by Saint Laurent.
Similar mineral samples can be bought in specialist stores for less than 500 euros, said dealers."


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"Saint Laurent's silver fetched 19.9 million euros against an upper estimate of 7.1 million euros on Feb. 24. All 111 lots sold." [Like this table service for $405k—four times the high estimate!]


"A 17th-century German silver-gilt ceremonial cup sold to the Paris-based dealers Galerie J. Kugel for 853,000 euros, more than eight times the low estimate."


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And these two bronze Chinese sculptures, which were looted, were sold over the objections of the Chinese government for $39 million. Ain't that something? [Bloomberg]