Art agent loses Corot painting in drunken stupor

Isaac Mostovicz writes that carelessness had lead to the loss of a great painting...

A man who was acting as an agent for the sale of Jean-Baptiste-Camille Corot’s 1857-58 painting “Portrait of a Girl” (estimated value: $1.35 million) lost the painting while intoxicated, according to a lawsuit recently filed in New York state. Following a meeting with the painting’s co-owner Tom Doyle and interested buyer Offer Wasserman, James Carl Haggerty, the agent enlisted to sell the portrait (and a friend of Doyle’s), was given the painting by co-owner Tom Doyle in order to deliver it to Offer Wasserman at his hotel. The potential buyer wanted to inspect it further under UV light.

According to CCTV footage, Haggerty did bring the painting to Wasserman at his hotel, but the painting mostly stayed behind the front desk, and the two spent time together at the hotel’s bar, until Wasserman left at 11:30pm without the painting and Haggerty stayed behind at the bar, picking up the painting from behind the front desk at 12:50am and leaving with it while visibly intoxicated. Footage outside his building shows that he no longer had the painting when he arrived home at 2:30am. The next morning he called Doyle to say he couldn’t remember where the painting was because he had been so intoxicated the night before.

The bottom line: make sure you have responsible business partners! You may like your friends, but sometimes they aren’t the best people to do business with.

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Luxury yacht business heats up as global economy recovers

Isaac Mostovicz writes that growth in the yacht industry suggests Lambda personalities are re-discovering their love for big-spending...


Thanks to the recovering global economy, the world’s wealthiest individuals have regained their mega-spending confidence. Evidence of this can be found in the sudden up-tick in the number of mega-yachts being sold.

According to this Bloomberg article, boats over 100 feet are selling “very strongly”. Simon Clare, head of marketing for Princess Yacht, spoke to Bloomberg about the phenomena:

“Boats over 100 feet are selling very strongly as the very wealthy feel the crisis less and tend to buy bigger and more modern boats”.

The recovery in sales is very welcome, considering the beating the yacht industry took the previous year. International Boat Industry magazine found that European yacht sales plunged about 50 percent in 2009.

But who is buying these yachts? Juergen Tracht, head of Germany’s aquatic sports industry association offers some insight:

“Typical buyers for these boat categories like medium-sized entrepreneurs usually pay them with savings, and they still haven’t reached the level prior to the meltdown during the crisis”.

At first look, it doesn’t appear these are the Lambda personalities who were freely buying mega-yachts before the recession. But look at it another way: Many are still trying to recover their financial footing.

The people who are buying now are the people who feel compelled to set themselves apart from their friends, even if the size and price of the items is less than in earlier years. That is the mark of a true Lambda.

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