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’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.