How This Banking Tycoon Went From Billionaire To Bankruptcy–To Selling His Art At Christie’s [Forbes]
Itau Unibanco Banco Holding SA American Depositary Shares (Each repstg 500 Preferred shares) (ITUB)
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Source: Forbes
From billionaire to bankruptcy: Álvaro Saieh's Corp Group Banking defaulted on its debt and declared bankruptcy in June 2021. The sale in June 2022 of his art collection did not meet Christie's expectations.NewscomOn Thursday, June 9, auction house Christie’s sold “masterworks” from the Alana Collection, what it calls “one of the most important collections of Italian Old Master paintings, sculptures and Antiquities” ever offered for sale in New York.The 50-piece collection, which toured alongside Impressionist, Modern, and Post-War pieces, had traveled to Hong Kong, London, Los Angeles and New York and was offered in a “single-owner” auction that took place at Rockefeller Plaza in Manhattan. Expected by Christie’s to bring in $30 million to $50 million, only 22 pieces sold for a total of just $19 million. “While the sale didn’t entirely meet our expectations, the importance, beauty and encyclopedic nature of the collection was widely admired in Asia, Europe and the US,” said a Christi
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