Si Newhouse made out better than expected during a Sotheby’s auction last night. The item he was selling off — a sculpture by Swiss artist Alberto Giacometti entitled “L’Homme Qui Chavire” (pictured left) — only fell $2.8 million short of what he paid for it.
And while that might seem like a big chunk of change to us, Newhouse was expecting to lose $10-$12 million off the piece he originally bought for $20 million. So instead of selling his art half-off and making him look really desperate, the famed auction house managed to save the Condé Nast owner some face…something his own publications haven’t been able to do in quite some time.
Si Newhouse Catches a Break — Cityfile