Behind every billionaire there is a story!

Alfred Taubman Says Art Prices Must Fall

Taubman, Sotheby’s largest individual shareholder and owner of pictures by Mark Rothko, Jasper Johns and David Smith, said the art market is heading for a decline.“As a collector, prices seem high to me,” Taubman said in an interview in London yesterday. “The market has to come down to keep economic balance.”

Taubman, 82, a billionaire, built a shopping-mall empire and was Sotheby’s chairman before being convicted and jailed in 2002 for antitrust offenses after a price-fixing scandal. He denies ever fixing prices.

published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adXXvsyyLax0