One of the greatest art collection of all time will be sold at auction and the proceeds given to charity. The Rockefeller estate auction includes paintings by masters such as Picasso as well as ceramics and and other collectibles. The auction will be held at Rockefeller Center by Christie's and is expected to be the highest grossing, single-owner auction in history, expected to bring in $1 billion for charity.
The question for finance students is the same question we ask about all assets: what is it worth? How do you put a value on a rare collectible? We don't have many other comparable items to use as a benchmark. We certainly can't recreate the item to determine its value.
Though the experts have tried to offer "guidance" about the value of each piece in the collection, the ultimate test of value will be what another collector will pay.
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