Casino Has to Sell Art to Pay Off Losses

Have you ever wanted to take a casino for so much money they had to sell off pieces of the casino just to pay you? Well that just happened. German state-owned casino sells off historic Andy Warhol silk screens in an attempt to cover bad debt. Casino mega company WestSpiel announced last year the plans to sell the two iconic silk screens by Warhol and immediately sparked an uprising against the action. The two silk screens, one of Elivs Presely and one of Marlon Brando, went up on the auction block anyway at Christies New York. The sale surpassed expectations netting a combined $151.5 million, higher than the pre-sale estimate of a combined $128 million.

The casino had been losing money since 2007 and the sale of the two pieces were able to offset a majority of their losses. 

More: https://news.artnet.com/art-world/westspiel-german-casino-warhol-auction-362783