Posts tagged ‘sells’

July 5, 2011

Andy Warhol Blondie painting sells for 5.9 million

An Andy Warhol portrait of Blondie star Debbie Harry has sold for a staggering $5.9 million.

The Heart of Glass singer posed for Warhol in his New York studio back in 1980 and the finished product – a hot pink silkscreen canvas – was one of the star lots at Sotheby’s two-day auction in London, which ended on Thursday.

All I can say is whoever paid 5.9 million for that painting is a idiot.

Tags: andy warhol, Heart, heart of glass, product, sotheby s, studio

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July 1, 2011

Francis Bacon work sells for £18m

Study for a Portrait, 1953 by Francis Bacon


An anonymous telephone bidder bought the Francis Bacon portrait A Francis Bacon painting has sold for nearly £18m at auction in London on Tuesday.



Study for a Portrait 1953 exceeded expectation as Christie’s had valued the masterpiece at £11m.


The oil canvas, which has not been up for auction before, was described as “an arresting and dark study in the degradation of power”.


It was previously owned by two of Bacon’s contemporaries – Rodrigo Moynihan and Louis Le Brocquy.


The work was the second most valuable piece to be sold at one of Christie’s post-war and contemporary art sales, a spokesperson said.


The highest selling work in this category was Bacon’s Triptych, which went for £26.3m in February 2008.


Other items sold at Tuesday’s auction included Lucian Freud’s Woman Smiling, 1958-59, which went for £4.7m. Seven works from the collection of Kay Saatchi went for a total of £3.9m.

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July 1, 2011

News Corp finally sells MySpace

  MySpace's music homepage


MySpace had been a leader in the social networking revolution News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media.



News Corp paid $580m (£361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter.


The sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m.


Pop star and actor Justin Timberlake will take a stake in the business, Specific Media said.


He will play “a major role in developing the creative direction and strategy for the company moving forward,” the company said.


Specific Media was founded in 1999 by three brothers – Tim, Chris and Russell Vanderhook – and is based in Irvine, California.


MySpace was a leading social networking site when it was bought by Rupert Murdoch’s News Corp.


But the business was eclipsed by rivals, and despite attempts to revive MySpace’s fortunes the site has been a financial millstone.

Continue reading the main story image of Rory Cellan-Jones Rory Cellan-Jones Technology correspondent, BBC News
Mr Murdoch can comfort himself by reflecting that if his social adventure ended badly, another media giant fared much worse”

End Quote The Reuters news agency cited a News Corp-owned blogging site as reporting that MySpace was sold for $35m.


Specific Media said: “We look forward to combining our platforms to drive the next generation of digital innovation.”

Losses

News Corp’s chief operating officer Chase Carey said in November that the losses at MySpace were “unsustainable”.


Although News Corp does not publish specific results for MySpace in its accounts, the “other” segment, which includes the social network, reported a second quarter operating loss of $156m – $31m worse than a year earlier.


According to tracking firm comScore, MySpace had 21.8 million unique monthly US visitors in August 2005 compared with Facebook’s 8.3 million.


By May 2011, Facebook’s monthly US visitors had risen to 157.2 million compared with MySpace’s 34.9 million, comScore said. Facebook has nearly 700 million members worldwide.