25% off*

May 12 2011

Image of 25% off*

Picture: Sotheby's

*at least.

Jeff Koons' Pink Panther didn't live up to the hype at Sotheby's. The estimate was $20-30m, but it sold to one bidder for $16.8m with premium. This means the hammer went down at $15m. Sotheby's had an irrevocable bid going into the sale.

Still, that's a hefty price, and it was a clever move to lower the reserve by 25% - a failure to sell would have been disastrous. 

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