Halsey Minor auctions his art collection to recover from debt

CNET founder Halsey Minor who is buried in debt has found a way to relieve some of it by selling a part of his artwork collection. The sale of the 22 pieces from his collection amassed around $21,049,050 at the Phillips de Pury & Company. The beautiful creations include “Nurse in Hollywood #4” by Richard Prince sold for $6.5 million and an aluminium couch made by Marc Newson that was sold for $2.1 million.

The sales will contribute towards paying off a $21.6 million judgment won by ML Private Finance, on a delinquent loan owed by Minor. Bloomberg News reports that the famous faces present at the auction included fashion designer Marc Jacobs, art dealer Larry Gagosian and jeweller Laurence Graff.

His worries aren’t over yet. Last month Sotheby’s won a $6.6 million judgment against him after they sued Minor for breach of contract. Minor has stated that the auction house had not disclosed an ownership interest in one work and he wasn’t given a fair deal. He plans to appeal to a higher court. He has also become entangled with Christie’s claiming that it had mishandled an art consignment of Prince. The auction house has also sued Minor over a default in payment in regards to an auction in which he bought art worth $13million.

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