Fire sale of Abraaj art at auction: Million dollar work on the block starting at $66,000 - The National:
The art collection of the embattled private equity firm Abraaj Group, as well as that believed to be owned by its founder Arif Naqvi, are in the process of being sold in upcoming London auctions, with some works estimated at less than one-tenth of the amount initially paid for them.
“They’re basically priced to sell,” says Nima Sagharchi, director of Middle Eastern, Islamic and South Asian Art for Bonhams, which is handling a number of the works in two of its auctions in London on October 24. “It’s a really incredible collection and it’s hard to get works of that quality to market.”
“In essence, it’s a liquidation,” he adds.
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