Art collectors snag bargains

Eli Broad and fashion designer Valentino were among the collectors who converged on Sotheby’s in New York on Tuesday night to pick through big-name contemporary art at discount prices.

“It’s a half-price sale,” said Broad, the 75-year-old Los Angeles billionaire who predicted for years that prices would fall. “Things are a little more reasonable.”

Broad snagged Ed Ruscha’s 1969 mustard-hued “Desire” for $2.4 million, 40% under the $4 million low estimate.

The 43 lots that sold in the 63-lot auction totaled $125.1 million, far below the pre-sale low estimate of $202.4 million. It was the lowest selling rate for a multiple-owner evening sale of contemporary art at Sotheby’s since November 1994. Sotheby’s comparable auction in May totaled $362 million.

-- Bloomberg News