One of the biggest private deals in recent years came to light only because the details were disclosed in an American court following the Bernard Madoff scandal. Last July ten paintings by Rothko and two sculptures by Alberto Giacometti were sold by a New York financier to help repay Mr Madoff’s investors. A mystery buyer spent $310m on the works.
The three Ds—death, debt and divorce—still deliver works of art to the market. But anyone who does not have to sell is keeping away, waiting for confidence to return.
