Sotheby’s has clinched a deal for La Dune, art publisher Louise Blouin’s four-acre mansion in the heart of Long Island’s Hamptons. Blouin purchased the house in the 1990s for $13m. As she entered bankruptcy, the fallen entrepreneur marketed the house for $150m, then $100m with no apparent buyers.
Louise Blouin rose flawlessly in the art world, buying both Modern Painters and Art + Auction publications in the 2000s. She had previously owned a string of Auto Trader magazines in Canada. The publisher became notorious for outsourcing her art-media empire to India, which eventually collapsed.
The sprawling estate is perched on the highly desirable Gin Lane in Southampton and fetched a staggering $88.48 million when sold this week. This sum breaks down to $40.5 million for the primary residence and $38.5 million for the charming smaller home. Not to forget the customary 12 per cent buyer’s premium, a sweet bonus that heads straight into Sotheby’s coffers.
Described as the crown jewel of Sotheby’s live auctions, La Dune witnessed a global showdown, drawing interest from property fans across North America, including the bustling hubs of New York and Connecticut, with whispers of intrigue even wafting in from the sun-kissed Caribbean. While the identity of the victorious bidder remains shrouded in mystery, Sotheby’s confirmed that a single buyer scooped up both parcels of this luxurious haven.
At yesterday’s nail-biting auction, hopeful bidders had to clear stringent vetting processes and pony up a remarkable $500,000 deposit to secure a seat at the table. With the minimum bid for the entire package set at a whopping $66 million, tensions ran high as high-profile names like Jenny Fleiss of Rent the Runway and financier Chris Brown vied for a piece of the action, only to bow out before the grand finale.
As the clock ticked and bids soared, the auction hit pause for negotiations, leaving the crowd of 75 on tenterhooks. Hours later, the room erupted as a staggering $79 million bid was announced, signalling a feverish climax to the night’s proceedings. Yet, the drama didn’t end there, as the lenders, led by Bay Point, had the final say in green-lighting the sale, with the looming spectre of a prior $90 million offer hanging over their heads.
“This should be a series on Netflix,” quipped one observer, capturing the sheer spectacle of the night. But the saga doesn’t conclude with the gavel’s final descent; a bankruptcy court still looms on the horizon, with a mid-February approval pending. While Blouin’s name remains conspicuously absent from the latest chapter, it’s widely known that she acquired La Dune for a modest $13.5 million back in the ’90s, as per the Post.
From the heights of the art world to the shadows of financial woes, Blouin’s journey has been a rollercoaster ride, earning her the moniker “Red Queen” for her indomitable spirit. While her meteoric rise and fall have kept tongues wagging, the sale of La Dune is a testament to the enduring allure of luxury real estate, a tale fit for the silver screen in the making.
Brought to market by Sotheby’s Concierge Auctions in collaboration with industry stalwarts Harald Grant, Tim Davis, and Cody Vichinsky, La Dune was the crown jewel of Sotheby’s “Visions of America,” a week-long celebration of luxury and heritage. As the curtain falls on this chapter, the echoes of luxury reverberate through the halls of La Dune, an emblem of splendour in the American dream.
Louise Blouin, a Canadian entrepreneur and art collector, became a formidable figure in the art world. Born on August 3, 1958, Blouin’s career trajectory took her from humble beginnings to the forefront of the global art scene.
Blouin’s journey in the art world began with the founding of her publishing empire, Louise Blouin Media, which encompassed a vast array of art-related publications, including Art + Auction, Modern Painters, Art Info and Gallery Guide. Her media empire expanded rapidly, solidifying her reputation as a critical player in the industry.
Throughout her career, Blouin cultivated relationships with artists, collectors, and influencers, establishing herself as a prominent figure in the art market. Her passion for art and keen business acumen propelled her to international recognition.
However, Blouin’s empire faced financial challenges and controversies despite her initial success. In the mid-2000s, Louise Blouin Media encountered financial difficulties, with reports of unpaid bills and layoffs. Blouin’s ambitious expansion plans and costly acquisitions exacerbated the company’s economic woes.
Legal disputes, financial mismanagement, and allegations of unpaid debts marked Blouin’s downfall. In 2018, Louise Blouin Media filed for bankruptcy in the United States, signalling the end of an era for Blouin’s publishing empire.
Despite her setbacks, Louise Blouin is known for her contributions to art journalism and her efforts to promote contemporary art globally. Her rise and fall serve as a cautionary tale about the challenges of entrepreneurship and the complexities of the art market.
Blouin’s reputation for upsetting people stemmed from her management style, financial troubles, controversial decisions, and interpersonal conflicts, which ultimately coloured perceptions of her professional conduct and leadership abilities. Her empire faced turbulent waters, plagued by financial woes and controversies. Reports of unpaid bills and layoffs marred the once-gilded image of Louise Blouin Media.