London-based billionaire Lily Safra is the buyer of the Alberto Giacometti sculpture that fetched a record $103.4 million at a London auction.
â€œIt was a freak result,â€ said Philip Hoffman, chief executive of the London-based Fine Art Fund.
â€œBut there are wealthy people out there desperate to buy rare pieces and when something important comes up with a sensible estimate the bidding goes crazy.â€
According to Forbesâ€™s 2009 listing of the worldâ€™s wealthiest individuals, Lily has a net worth of $1 billion.
If the name sounds familiar, it’s probably in connection with another name, Villa Leopolda.
Safra owns Villa Leopolda that once had a reported price tag of $750 million and was nearly sold to Russian billionaire Mikhail Prokhorov.