Out from storage
A successful Romano sale in Florence proves there are exceptions to recessionary rules
Sotheby’s recent four-day sale of the Salvatore and Francesco Romano collection in Florence contained more than 1,800 lots. International interest in the auction was keen, even though there was not a single masterpiece among the antique statues, Old Master paintings, textiles, pieces of furniture or objets d’art. Many foreign dealers and collectors who had come to Italy for the sumptuous and lively Biennale dell’Antiquarioto (which ended on October 4th) crossed the Arno to the Palazzo Magnani Ferroni for a look even before the official public viewing began. (The auction, which went from October 12th to the 16th, was timed with the Biennale in mind.)
Once the sale started, as many as 22 employees worked the phones, taking bids from Italy and elsewhere in Europe, America and Russia. The first-floor terrace of the palace was tented for the event, and rows of folding chairs were occupied by a changing cast of paddle wielders, many of them dealers. Others loitered in the vast, art-filled, adjoining rooms waiting for their chosen lots to come up. By its end, the sale made more than €10.5m ($15.5m), exceeding the low estimate by a little more than €72,000. Sotheby’s says it is delighted and so are the consigners. …
Feds Close 9 More Banks
Regulators have shut California National Bank of Los Angeles and eight smaller related banks as the weak economy continues to produce a stream of loan defaults.
Back in his old hat?
A deal brings hope of an end to the political crisis in Honduras
FOUR months after Manuel Zelaya was hauled out of bed at gunpoint, flown to Costa Rica in a military plane, and replaced by Roberto Micheletti as president of Honduras, negotiators for the two sides have reached an agreement to put an end to the country’s political crisis. On Thursday October 29th, representatives of both the deposed and de facto presidents declared they would ask the Congress—which voted to name Mr Micheletti president after Mr Zelaya was exiled—to hold a new vote on whether to reinstate him for the remaining three months of his term. They pledged to abide by the result.
The deal was hailed for its importance in the consolidation of democracy in the region. There is no doubt that the agreement represents a significant victory for foreign leaders, and particularly for Barack Obama, whose decision to send a high-level diplomatic mission to Honduras two days earlier provided the decisive push to conclude the talks. It establishes both a path for a possible return to office for Mr Zelaya and stops him from calling a constituent assembly, a body with the job of rewriting the constitution. His opponents say this would have enabled him to eliminate the country’s ban on presidential re-election. …
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