Multiple assets from two properties of late socialite and philanthropist Brooke Astor have gone up for auction at Sotheby's in New York City.
There were a total of 901 lots up for auction and had been estimated to reach between $6.6 million and $9.7 million. However, items that had thought to be bargains quickly rose through the roof and after only the first four parts of the auction sales had reached $6.7 million!
As a perfect example, a bronze figure of a Tibet deity had only been estimated to sell for between $2,500 and $3,500, but fetched $134,500. And it didn't stop there. An oil painting sold for $1.6 million, more than three times it's high estimate with several other works of art, sculpture, and boxes going for many times their estimates. In all, the entire auction brought in over $18.8 million.
The money raised will be used to benefit some of her favorite charities, including The New York Library and several New York schools.
For more information on how to handle estate auctions please contact a professional Estate Administration Attorney.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.