Sothebys Cuts Estimate for Red Charity Auction
Published February 5th, 2008
Sotheby’s cut its estimate by 28 percent for a Feb. 14 charity auction backed by artist Damien Hirst and U2 singer Bono.
Sotheby’s, said the so-called (Red) auction will raise $21 million to $29 million. Two months ago the company was saying it would fetch as much as $40 million.
The art went on view yesterday at Gagosian Gallery in New York, prior to the auction.
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