Representing the sale of a lifetime for Bourne End Auction Rooms were items from the estate of Stefan M. Palatin, the former chairman and chief executive of the container company The Cronos Group, who was convicted on criminal fraud charges in Austria in October 2002 and is now serving a nine-year prison sentence.
Between 1995 and 1998, Mr Palatin embezzled over $10m from the company. As well as buying a 1974 E-Type Jaguar and a limited edition 1989 Porsche 911 Turbo, he laundered a substantial amount of the money by buying art and antiques - primarily from top dealers and salerooms in Britain and Austria - which he kept in his mansion in Amersham, Bucks.
After The Cronos Group brought a successful legal action against Mr Palatin, the house was sold for £3.4m in December last year. Soon after, Bourne End auctioneer Simon Brown received a call to inspect the chattels.
Offered in two sales on February 2 and 9, the consignment included pictures by Stanhope Forbes, Viennese enamelled glass, works of art by prominent Russian goldsmiths and bottles of Château Pétrus '45. Collectively the two sales achieved close to £200,000 with the auctioneers expecting a further £100,000 from the five cars being sold this Wednesday.
A full report will appear in next week's issue.
