Bill Koch sells reversible painting

Billionaire Bill Koch made a few bucks last night.

Koch pulled in a cool $100 million last night on the sale of two paintings that, not so long ago, hung in his $37 million-South Ocean Boulevard mansion.

According to reports, Koch, who runs the West Palm Beach-based energy company Oxbow, sold his reversible Picasso and a Monet in an auction at Sotheby’s in New York City at a time of trouble for the mining industry.

Koch’s 1901 Pablo Picasso nude Nightclub Singer was sold to Swiss dealer Doris Ammann for $67.5 million, way above the $60 million that Koch, the brother of Tea Party sugar daddies Charles and David Koch, was hoping for.

 

Bill Koch reversible painting Pablo Picasso “La Gommeuse” 1901 (front and back)

Bill Koch reversible painting Pablo Picasso “La Gommeuse” 1901 (front and back)

Bill’s 1908 Water Lilies by Claude Monet fetched $33.8 million, also above its $30 million estimate.

Combined, the 75-year-old founder of West Palm Beach’s Oxbridge Academy got more than 10 times the money he originally plunked down for the two pieces.

Simon Shaw, co-head of Impressionist and modern art worldwide, called it “a small sale that packed a real punch”.

He added: “Each season Picasso has the remarkable ability to surprise, and tonight was no exception, with the unusual appearance of two Blue Period works, which set new benchmarks – both in oil and on paper.”

As reported by the Daily Mail, he most expensive lots this season are a sumptuous nude by Modigliani valued at $100 million, and a pop art masterpiece from Roy Lichtenstein estimated at $80 million.

Both go under the hammer at Christie’s.