Bankrupt Trader Auctions Art

Bankrupt trading company Refco won court approval to auction its art collection, including photos by Andy Warhol and Andreas Gursky, to raise money for creditors owed $16.8 billion. US Bankruptcy Judge Robert Drain authorized the art auction at a hearing in New York. Refco will sell the art collection at Christie's at Rockefeller Center in New York in separate events scheduled from April through June. The New York futures broker amassed 510 contemporary photos before it filed for bankruptcy protection in October. The photos could fetch as much as 7 million dollars. For the full story - click the title Irish Art