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Geffen Sells Pollock to Pay Paul

"[In addition to selling a Pollock for $140 million, j]ust last month Mr. Geffen sold two other 20th-century paintings — a Jasper Johns and a Willem de Kooning — for a total of $143.5 million. Given that he is among many business figures who has expressed interest in buying The Los Angeles Times, media industry analysts speculated that he was trying to raise cash for a potential bid." [via]

So, a man who made his pile robbing musicians in one old tech milieu (pre-Napster CDs) sells his holdings by artists who make even older tech objects, unique (uncopyable) paintings, most of which value never accrues to the artists directly, to buy yet another old tech (dying) business (newsprint), premised on gatekeepers choking the flow of information.

What a guy!

- tom moody 11-02-2006 8:05 pm [link] [2 comments]