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Marlins owner Jeffrey Loria sold a painting for $32 million

Nov 6, 2013, 4:16 PM EST

loria painting

This year the Marlins’ total payroll was approximately $39 million.

This week Marlins owner Jeffrey Loria sold a painting for $32.6 million.

Katya Kazakina of Bloomberg has some details following a high-profile Christie’s auction:

Alberto Giacometti’s portrait of his brother Diego, estimated at $30 million to $50 million, didn’t attract a bid in the room or on phone banks. The painting was guaranteed by an undisclosed third party before the sale and the guarantor took it home for $32.6 million, a record for a Giacometti painting. … The 1954 piece was sold by Jeffrey Loria, an art dealer and owner of the Miami Marlins baseball team, according to a state regulatory filing.

Cool, cool. I’m certain he’ll invest that money back into the team, like, right away.

  1. paperlions - Nov 6, 2013 at 4:35 PM

    Any idea how much Loria paid for the painting?

    Not to defend the jackwagon, but he may not have made much on it….though, obviously, he made something (unless taxes and commissions were greater than the difference) since this was a record price for a Giacometti painting.

    • asimonetti88 - Nov 6, 2013 at 5:00 PM

      I’m not sure but it was valued as high as $50 mill so he didn’t make as much off it as he probably wanted to.

      • paperlions - Nov 6, 2013 at 5:02 PM

        Apparently, he’s owned it since 1992. So, I am sure he made something on it, but considering how different 2013 dollars are from 1992 dollars, the profit above inflation probably wan’t great….at least, compared to say….how much you can make every year by owning a MLB team with at $30M payroll.

      • asimonetti88 - Nov 6, 2013 at 5:09 PM

        Poor Scrooge.

      • Old Gator - Nov 6, 2013 at 5:45 PM

        Ackcherley, he got $30.2 million down, but the other $18.8 is heavily backloaded.

      • stex52 - Nov 6, 2013 at 10:16 PM

        Loria is an art dealer. And you wonder why the Marlins are screwed. Art dealers don’t generally have the high moral quality of – say – people who sell drugs to kids.

    • pipkin42 - Nov 6, 2013 at 5:08 PM

      “Until last night, the highest price for a Giacometti painting was $14.6 million, paid in 2008 at Sotheby’s New York for a 1964 portrait of Caroline, a young prostitute the artist met in 1959.”

      That isn’t to say he didn’t pay more in a private sale – this is just the highest public price. The prices of paintings held in private collections are notoriously hard to figure out – virtually all the parties involved have a vested interest in keeping it that way. The Christie’s site (http://www.christies.com/lotfinder/paintings/alberto-giacometti-diego-en-chemise-ecossaise-5737632-details.aspx) lists the following provenance for this particular work:

      Provenance
      M. and Mme Aimé Maeght, Paris (acquired from the artist, by 1955).
      M. and Mme Adrien Maeght, Paris (by descent from the above).
      Acquired from the above by the present owner, 1992.

      The Giacometti Database is no further help Not being an expert in Giacometti, or even Surrealism (and also being a historian, not a dealer), I can’t really tell you what the market was like, or even how Loria originally bought the painting. But I would be willing to bet he realized a pretty significant amount, though it does seem like the art market is in a bit of a lull right now.

      • pipkin42 - Nov 6, 2013 at 5:10 PM

        “what the market was like in 1992,” is what I meant to say. As in, the circumstances of Loria’s acquisition of the sale are mysterious to me. Though they might not be to someone with a little more expertise.

      • paperlions - Nov 6, 2013 at 5:33 PM

        Good info. Thanks.

    • mick2014 - Nov 8, 2013 at 4:39 PM

      6.4 million profit from what he originally paid!

  2. Matthew Pouliot - Nov 6, 2013 at 4:41 PM

    Bought it a year ago for $50 million, made it the centerpiece of his living room and then replaced it with a Dali print.

    • nothanksimdriving123 - Nov 6, 2013 at 4:45 PM

      Matt, your story says the $32.6M was a record for a work by this artist, so how could JL have bought it for $50M? Or did you forget to use the sarcasm font?

      • chiadam - Nov 6, 2013 at 5:02 PM

        He’s quoting someone else, jackal. Try the paying attention font.

    • jwbiii - Nov 6, 2013 at 5:02 PM

      From TFA:

      Until last night, the highest price for a Giacometti painting was $14.6 million

      This was for a different painting. Loria made some money.

  3. chill1184 - Nov 6, 2013 at 4:44 PM

    Loria once again does his best to make Fred Wilpon look good by comparison

  4. henryd3rd - Nov 6, 2013 at 4:52 PM

    Just imagine if Boston owner John Henry had retain ownership of the Marlins, Loria had stayed in Montreal and former LA Dodgers owner Frank LaCourt had been allowed to purchase the Red Sox. What a wonderful world this would be!

    • fm31970 - Nov 6, 2013 at 5:11 PM

      The Expos would moved anyway, so not so rosy to those in Quebec.

  5. elpendejo59 - Nov 6, 2013 at 5:05 PM

    I originally skimmed past this and read the headline as “Marlins Owner Jeffrey Loria sold a *player* for $32 million. I didn’t really blink an eye.

  6. yahmule - Nov 6, 2013 at 5:36 PM

    It looks like a disgruntled fan.

    • Old Gator - Nov 6, 2013 at 5:56 PM

      It looks like Scrooge McLoria once upon a time. As soon as Scrooge realized that it had stopped getting any uglier, he brought it down from the tool shed up in the sliding roof of Macondo Banana Massacre Field and unloaded it. Now he’s got an Ub Lwerks signed Mickey Mouse cell on the wall up there . He had tried a signed Schultz cell of Charlie Brown pitching, but Charley never changed and, well, you see what kind of season they had.

      When Mickey looks like Cousin Mortimer with scabies, he’ll sell that one too.

  7. sabatimus - Nov 6, 2013 at 5:54 PM

    And when and for how much did he sell his soul for?

    • Old Gator - Nov 6, 2013 at 5:57 PM

      Reserve not met. Be the first to bid!

      • sumerduckman - Nov 6, 2013 at 6:32 PM

        A piece of burnt cheese toast with the shape of the virgin Mary in the middle.

    • tfbuckfutter - Nov 6, 2013 at 7:15 PM

      He traded it for a backup infielder whose name sounded vaguely Cuban.

  8. jpietrefesa - Nov 6, 2013 at 6:48 PM

    Its sick to think that someone had 32 mill to piss away on this. Talk about disposable income.

    • pipkin42 - Nov 7, 2013 at 12:39 PM

      For what it’s worth, investors (not just individuals, but funds of various types) have been flocking to art, especially High Modern art, for years now. The works of a dead artist are an attractive investment commodity because the number of items is pretty much known (notwithstanding an occasional $1 billion cache of looted paintings in a German hermit’s apartment).

      As an art historian, I don’t love what money does to art, but I also realize that it’s what offers me the slim hope of a job. But wouldn’t you rather people put their money into our shared cultural patrimony than into credit-default swaps? Perhaps that’s a false binary. But art ain’t so bad, when compared to all the other investment ‘opportunities’ out there.

  9. Francisco (FC) - Nov 6, 2013 at 8:56 PM

    Marlins owner Jeffrey Loria sold a painting for $32 million

    Someone tell Loria he can make MUCH MORE money if he sold the team.

    • tfbuckfutter - Nov 6, 2013 at 9:20 PM

      Yeah, but only if you explain that after selling the team, he doesn’t get to take all the assets with him again.

  10. bender4700 - Nov 6, 2013 at 9:12 PM

    He is really good at selling apparently. Sold the city of Miami that he wouldn’t gut the team. Then did anyway. haha.

  11. redsoxclover - Nov 6, 2013 at 9:41 PM

    This painting is terrible…..much like the marlins team. When are owners going to realize putting money into the team , winning games actually brings more fans and more money?

  12. 13arod - Nov 6, 2013 at 9:42 PM

    claasic loria he trades everything away

  13. asexatheani - Nov 6, 2013 at 10:31 PM

    10 bucks says Jose Fernandez gets traded within 5 years.

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