Mark Rothko and Andy Warhol works fetched more than $70 million apiece last week as bidders competed for trophy pictures. A similar sum would buy a Caribbean island or develop a ski resort in Bulgaria.
Sotheby's and Christie's International sales of Rothko's “White Center (Yellow, Pink and Lavender on Rose)” and Warhol's “Green Car Crash (Green Burning Car I)” tripled or quadrupled the artists' auction records in price moves that are rare in other markets.
As a measure, $70 million is about equal to the wealth of the soccer star Michael Owen, according to the Sunday Times Rich List. Britain's annual cost to support the Queen is about the same amount, according to the Royal Public Finances' latest annual report, released last June.
Here's a guide to some ways to spend about $70 million.
A Caribbean island. The undeveloped 2,000-acre (810 hectare) Ronde Island in the Grenadines has large sheltered bays where yachts can be anchored and miles of beachfront and waterfront, according to Private Islands Online. Asking price: $70 million.
Two French Chateaux. A remodeled 17th-century French chateau 45 minutes from Paris is available from France Prestige Real Estate. The castle comes with furniture and tapestries. The 185 acres of gardens were designed by Le Notre, who also worked on the grounds of Versailles, and include a private chapel. Asking price: 22 million euros ($29.7 million).
Three Trips to Space. Charles Simonyi, whose two decades as a software developer at Microsoft Corp. made him a billionaire, returned to Earth on April 21, two weeks after blasting off to become the world's fifth space tourist. He said he paid $20 million to $25 million to Arlington, Virginia-based Space Adventures Ltd. for the trip.
Stake in Sotheby's. That $70 million or so would buy about 1.5 million shares, or a stake of more than 2 percent in the auction house that sold the Rothko. Shares in the world's second-biggest auction house recently closed at $44.96.
Bulgarian Vacation Village: Black Sea Property Fund Ltd. will invest $74.4 million to build a vacation village in the Borovetz ski resort near Sofia, Dnevnik reported May 10.
Oceanco Yacht: A 197-foot (60-meter) motor yacht, currently cruising in the south of France, with a Caterpillar diesel engine, has a listed price of $79 million at Merle Wood & Associates Inc., which builds and trades yachts. The hull is steel, the deck teak.
Luxury Cruise: The money could be spent chartering the Annaliese for 581 days. The price is $120,400 a day, according to a February report by the Web Site, Crazy Spin. The 280-foot super yacht accommodates more than 36 guests and has a business center, movie theater and round-the-clock hot and cold buffet and bar service, the Web site said.
New York Penthouse: Two years ago, $70 million could have bought the most expensive condo in the U.S., according to Forbes magazine. That was the value it put on the financier Martin Zweig's penthouse atop New York City's Pierre hotel.
–BLOOMBERG NEWS
