"...So Loria turned $12m into $1.6bn over two decades"
From Art Market Monitor:
Loria’s Marlins Sale Shows You Never Get the Better of an Art Dealer
Giacometti sold by Loria in 2013
One of the things you have to admire about art dealers if the number
of shrewd negotiators among their ranks. From Duveen to Mnuchin to
Gagosian, art dealers have an impressive track record as traders.
Today’s news that the Kushner family is negotiating to buy the
Florida Marlins from art dealer Jeffrey Loria cites an impressive
ten-fold return on Loria investment.
The Marlins came at the end of a string of transactions for Loria
that began 18 years ago with a quarter share of the Montreal Expos that
cost the dealer $12m. Adroit maneuvering seems to have allowed Loria to
increase his ownership of the Canadian team to 94% without actually
buying out his partners. Eventually, he used that stake in the Expos to
become the owner of the Marlins through a complex, multi-party
transaction.
So Loria turned $12m into $1.6bn over two decades....MORE
