Works by Renoir, Degas, Monet and Edvard Munch and a sculpture by Modigliani were also sold.
BBC: NEWS | Entertainment | Modern art sale makes record ?95m
At the age of twenty-one, in 1906, Modigliani arrived in Paris as a vivacious dandy.
Evidently the word on the Modigliani-Miller theorem hasn't gotten out to the public just yet.
In 1958 professors Franco Modigliani and Merton Miller showed that this kind of thinking is wrong.
The citation picked out for special mention his work with Franco Modigliani, who had received the Nobel in 1985.
Mr Modigliani and his fellow critics argue that privatising the Patent Office would subject it to more pressure from big corporations.
An uncharacteristic portrait of Picasso, which Modigliani made in 1915, tantalizes with an odd mixture of defensive hysteria and experimental verve.
So it was a mystery, argued Messrs Modigliani and Miller in 1963, why firms did not finance themselves almost entirely with debt.
They were joined eventually by Chopin, Oscar Wilde, Modigliani and Jim Morrison, a rock star whose grave still attracts hundreds of grieving fans.
Amedeo Modigliani was born in 1884, in the Italian port city of Livorno, the last of four children of a couple whose marriage united two Sephardic Jewish clans.
Merton Miller and his colleague Franco Modigliani posited their capital structure irrelevance theorem in the late 1950s, when the dollar was as good as gold at least for foreign creditors.
Sotheby's has a rare work by Amadeo Modigliani dating back to 1913, which has been consigned by a British collector and which has not been seen at auction for nearly 30 years.
ECONOMIST: Art.view: The incredible shrinking saleroom | The
But in 1958 Franco Modigliani and Merton Miller, two American economists, showed that the value of a firm should be unaffected by whether it is financed using all debt, all equity, or a mix of the two.
This both increases the volatility of equity returns and transfers value from debt to equity in the presence of default risks but has little to do with the Modigliani-Miller theorem in which default risk plays no part.
Anthony Ittleson, the grandson of the founder of CIT Financial, moved to South Carolina in December 1996 but left a Modigliani behind in his New York City co-op, until he sold both the co-op and the painting the following spring.
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