Conde Nast potentate Si Newhouse is prepared to take a $10 million loss just to sell off some art and raise some cash. That can't be good.

CityFile reports that Newhouse paid $20 million for this fancy spindly-looking sculpture, "L'Homme Qui Chavire" by Alberto Giacometti, and now he's selling it at Sotheby's, where it's estimated to go for about half that. This, after he tried and failed to sell it at $20 million and $16 million.

Regular Americans know this move as "Desperately taking shit to the pawn shop, to pay the bills."

Conde Nast! Glamor!