Late Philanthropist's Collection Raises £16.5 Million for CharityBy ARTINFO
Published: June 19, 2008
LONDON—Part of the collection of Simon Sainsbury, the British philanthropist who died in 2006, sold yesterday for £16.5 million ($32.5 million) with fees at Christie's International in London, reports Bloomberg. While the total estimate for the collection had been £15 million, buyers have already paid well over the estimated value of many works: one collector paid a record £937,250 with fees for a work estimated at £120,000 to £180,000 by modernist British painter Paul Nash. Proceeds from the sale will go to the Monument Trust, which Sainsbury set up in 1965 to provide grants for arts projects.
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