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By Grant McCool, Reuters
New York, New York, February 4, 2004
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NEW YORK (Reuters) - Russian oil and metals baron Viktor Vekselberg
has unexpectedly bought the Forbes family collection of fabled
Faberge Imperial Easter Eggs and other pieces for more than $90
million, months before Sotheby's was to auction them, representatives
said on Wednesday.
None of the parties would disclose the exact price, but a source
close to Vekselberg in Russia said: "It was more than $90 million. I
won't say how much more, but it was more."
Representatives of Sotheby's auction house and the Forbes publishing
family declined to disclose the amount, but Sotheby's estimated the
entire collection's value at $90 million to $120 million.
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Viktor Vekselberg
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"The family is thrilled by the sale, but they would never discuss the
price," said family spokeswoman Monie Begley.
Sotheby's and Forbes announced last month that the nine eggs and 180
other Faberge treasures collected by the late publisher Malcolm
Forbes, would be offered for sale in New York on April 20-21.
Vekselberg quickly moved to return them to Russia and a spokesman for
his foundation said the eggs would be displayed in Moscow, St.
Petersburg and then regionally "so as many people as possible can see
them."
Faberge eggs, considered a standard for rare treasures, were first
commissioned by Russian Czar Alexander III from the House of Faberge
master crafters in 1885 as Easter gifts for his wife, Czarina Maria
Feodorovna. The tradition continued for 30 years in the Romanov
imperial family.
One of the pieces bought by Vekselberg is the precious Coronation
Egg, one of the most valuable objects made by Faberge. It was
commissioned by Nicholas II after he was crowned in Moscow to present
to his Czarina on Easter in 1897.
SALE UNPRECEDENTED
Auction house spokesman Matthew Weigman said the private sale of
an entire collection before a public sale was unprecedented at
Sotheby's, which competes with Christie's for top billing in the
rarefied auction world.
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"This is an unanticipated and exceptional outcome," said Bill
Ruprecht, president and chief executive officer of Sotheby's
Holdings, Inc. in a statement.
The collection was bought by Vekselberg's non-profit foundation.
Vekselberg, in his mid-40s, is one of the businessmen who became rich
during Russia's controversial 1990s privatizations.
Named 146th on Forbes magazine's list of the world's richest people
with an estimated worth of $2.5 billion, Vekselberg is vice-president
and a director of an oil and gas company joint venture between Tyumen
Oil Company and British Petroleum. He is also co-owner of SUAL,
Russia's second largest aluminum producer and he has stakes in power
companies.
"Upon learning that the Forbes collection was going to be auctioned,
I knew immediately that this was a once in a lifetime chance to give
back to my country one of its most revered treasures," Vekselberg
said in a statement.
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CORONATION EGG 1897
Varicolored gold, platinum, enamel, diamonds, rubies,
rock crystal, velvet lining
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There are 50 Imperial Easter Eggs in the world, including the nine
now owned by Vekselberg's foundation.
There are 10 in the Moscow Kremlin Collection, the Virginia Museum of
Fine Arts in the United States has five and Britain's Queen Elizabeth
owns three. Most of others are in the United States, Switzerland and
Monaco, but eight are unaccounted for, Sotheby's said.
Forbes, publisher of Forbes Magazine, collected the Imperial eggs and
other objects made by the House of Faberge. They have been displayed
at Forbes Galleries and shows worldwide since his death 14 years ago.
Highlights from the collection will be on public exhibit at Sotheby's
in New York before being sent to Russia, but dates have not yet been
arranged. (Additional reporting by Oliver Bullough in Moscow)
FOR PERSONAL AND ACADEMIC USE ONLY
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