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Gundlach Fields ‘Panic Offers’ With Art Market in Distress

  • Christie’s postpones its May auctions in New York until June
  • Sale of the Macklowe art collection is on hold amid pandemic
Jeffrey Gundlach

Jeffrey Gundlach

Photographer: Scott Eells/Bloomberg

Updated on

The global art market is girding for a liquidity crunch.

Jeffrey Gundlach, the billionaire money manager and art collector, said he received “panic offers” of works by artists including Monet, Renoir and Hopper at slashed prices. Financier Asher Edelman is gathering investors to buy at a discount. Strains are even showing in the Sotheby’s debt, which is trading at distressed levels.