Four Clyfford Still Paintings Sell at Auction for $114 Million

Clyfford Still, born in 1904 in North Dakota, first arrived in New York after World War II and joined with the city’s most important Abstract Expressionist painters like Mark Rothko. Whereas Rothko’s canvases display resonant rectangles, Still choose jagged splotches of brilliant colors to express himself.

Before passing away in 1980 Still asked his wife to hold on to some of his earlier paintings just in case one day there will be built a museum for his works. This month, over 30 years since his death, Denver will open a Clyfford Still museum, opening day set for November 18.

Denver's Clyfford Still Museum

Those paintings which Patricia Still kept were sold on Wednesday at Sotheby’s for $114 million, the proceeds of which will be given to the Clyfford Still Museum in Denver. Still’s works are rarely auctioned- only 11 works in the past ten years. When compared to Rothko’s works, which have come up for sale more than 100 times in the last decade  it is easy to see why buyers pounced at this rare opportunity to purchase these paintings.

Four bidders at least were after Still’s painting entitled, “1949-A-No. 1,” but finally a telephone bidder won it for $61.6 million, about $25 million more than its pre-auction high estimate. This sale price surpassed the highest ever paid in the past for a Still painting, which was $21.2 million.

The other three paintings sold for $19.6 million, $31.4 million, and $1.2 million, totaling $114 million for the group of four.

Harry Potter Gives Much Needed Boost to Time Warner Earnings

Time Warner’s outlook for the end of the year has taken on a rosier hue as ticket sales from the eighth and final film in the Harry Potter series, “Harry Potter and the Deathly Hallows Part 2” reached 1.3 billion dollars in international box office sales since the film’s July, 2011 release.

Time Warner, which has major holdings in Warner Brothers Studios, Time Inc, HBO, CNN Money and Turner Broadcasting announced that it is optimistic that it will see annual earnings for 2011 reach into “the high teens” on a percentage basis. Only three months ago the media conglomerate was expecting growth closer to “the low teens.”

The first Harry Potter film was released in 2001. The last film ranks as the third  highest grossing film in history, with only “Avatar” and “Titanic” outperforming the teenage wizard’s popularity.

Boosting Shopping After Thanksgiving

Sometimes things in life are free.  Some companies like to give away stuff for free to encourage you to use their services.  And that is exactly what American Express Open is doing by giving out a bunch of free digital marketing tools in preparation for Small Business Saturday, the first Saturday after thanksgiving.  In an effort to boost shopping two days after Thanksgiving, AmEx’s campaign is really going to helping small stores in its biz retail-fest at the end of next month, November 26, 2011.

Olympus CEO Leaves Post

Tsuyoshi Kikukawa resigned on Wednesday in the wake of the disclosure that advisory fees reduced the value of the 92 year old company’s market value by half.

The issue revolves around a $687 advisory fee paid in association with a 2008 Olympus takeover valued at $2.2 billion. Other deals made at the time are also going to be looked into by Japan’s security oversite agency.

“For now the stock should rebound on his leaving, but in reality nothing has been cleared up,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.

American Jobs Act Benefits North Dakota

The American Jobs Act is going to be a welcome change for those living in North Dakota.  In an attempt to really boost the region’s economy, all households will be receiving $1,500. This money will be used to for start-ups, to assist small businesses, etc.  In the long-term there will be investments made in schools and infrastructure too.  Ultimately this will also lead to a development in the economy, and improved quality of life since there will be more opportunities for small businesses and thus increased job creation as well.

Niall Booker Leaves HSBC

Niall Booker will be leaving his position as CEO and group managing director of NSBC North America Holdings.  He worked at the firm for more than three decades and was key in business development in India as well as impacting business in North America.  Booker will be replaced by HSBC Bank USA’s president, CEO and group general manager, Irene Dorner on November 1, 2011. In her new capacity, Dorner will be in charge of America’s HSBC Finance businesses as well as HSBC Bank, reporting to Stuart Gulliver, HSBC Group CEO.

Romney, Perry try to recruit Christie, Palin fans

Originally written here…

By PHILIP ELLIOTT
The Associated Press

WASHINGTON — Rivals Rick Perry and Mitt Romney are furiously scurrying to recruit heartbroken holdouts who had hoped GOP celebrities Chris Christie or Sarah Palin would join the Republican presidential contest.

Republican presidential candidate, Texas Gov. Rick Perry reacts after taking a bite of chili during a campaign stop a the Chili Festival Saturday, Oct. 1, 2011, in Manchester, N.H. (AP Photo/Jim Cole)

Republican presidential candidate former Massachusetts Gov. Mitt Romney speaks during a campaign stop at the Derry-Salem Elks Lodge 2226, Monday, Oct. 3, 2011, in Salem, N.H. (AP Photo/Jim Cole)

Republican presidential candidate former Massachussetts Gov. Mitt Romney speaks to supporters during a lunch stop at Seminole Wind Restaurant Wednesday, Oct. 5, 2011, in Tallahassee, Fla. (AP Photo/Phil Sears)

“We’re at a point when the large group of undecided activists are going to choose their candidate,” said Jennifer Horn, a conservative activist in New Hampshire who hasn’t picked a contender. “People are starting to accept the field and accept that these are our choices. It’s time to get behind someone who is a candidate, someone who is running.” Continue reading Romney, Perry try to recruit Christie, Palin fans

7 reasons the stock market is so volatile

Original here

by Adam Shell

NEW YORK — Plunge! Rebound! Crash! Rally! Plunge again! That’s been the depressing story line of the stock market the past five trading days, a gut-wrenching, confidence-testing, wealth-destroying bout of volatility that has put investors on edge.

Wall Street has gone haywire again, just as it did in 2008, when stock prices swung sharply up and down like an elevator in a skyscraper during the morning rush. Just as it did on May 6, 2010, when a “flash crash” inspired a short-lived Dow dive of almost 1,000 points. And just as it did on Black Monday in October 1987, when the Dow suffered a record one-day percentage drop of 22.6%.

The signs of the short-circuiting stock market are evident in the unusually sharp price swings recently in the Dow Jones industrial average. Continue reading 7 reasons the stock market is so volatile

Most 2011 stock market gains are gone

By Nathaniel Popper, Los Angeles Times
Reporting from New York — So much for those stock market gains that were fattening up portfolios not so long ago.

Disappointing economic news drove stocks down again Friday, sending the Dow Jones industrial average below 12,000 for the first time since March 18.

Most of the profits U.S. stock investors have seen since the beginning of the year have been wiped out after six straight weeks of falling share prices.

Analysts blamed the latest tumble on China’s announcement that its trade surplus in May was smaller than expected, suggesting that global demand for Chinese goods has slowed. Investors were also disappointed by Britain’s announcement that its manufacturing sector was growing more slowly than expected. Continue reading Most 2011 stock market gains are gone

Stock market rises, then flatlines, on news of Osama bin Laden’s death

BY ROBERT DOMINGUEZ
DAILY NEWS STAFF WRITER

The party didn’t last long.

Times Square and outside the White House weren’t the only streets where people were celebrating the death of Osama Bin Laden yesterday.

Wall Street reacted to the killing of the world’s most wanted terrorist with a rise in stocks when Monday’s markets opened — and a temporary dip in oil prices, which have been rising steadily due to the unrest in Libya and the Middle East.

But the stock surge fizzled and oil rose again by the afternoon, as investors’ euphoria over U.S. forces taking out bin Laden after a decade-long manhunt gave way to caution. Continue reading Stock market rises, then flatlines, on news of Osama bin Laden’s death