How to Trade a Warhol

Collection Collectors Founders

The sale of a Warhol painting marked the start of the Edlis Neeson Art Acquisition Fund.

When we sold the Warhol to start the acquisition, yes. It's all public knowledge. We got—what did we get? We got $80 million for the picture. And it was—Larry Gagosian had been after me for many, many years. I said it's not for sale. It's not for sale, but it's for trade. You find me something good enough, I'll trade it, but I don't need the money. There was back and forth, back and forth. Finally called me from Paris. Gael and I talked about—

And so thought about it. I said $100 million. Okay. I'll get back to you. Two days later, he came back to me and said they—client thinks it's a little high. So I said, don't say another word. I hung up. I went to the lawyer. I knew we had a deal, right? And we started the fund.

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