Saudi prince buys da Vinci for $450.3M
LONDON— He is a little known Saudi prince from a remote branch of the royal family, with no history as a major art collector and no publicly known source of great wealth. But the prince, Baderbin Abdullah bin Mohammedbin Farhan alSaud,is the mystery buyer of Leonardo da Vinci’s painting “Salvat or Mundi,” which fetched a record $450.3 million at auction last month, documents show.
The revelation that Prince Bader is the purchaser, according to documents reviewed by The New York Times, links one of the most captivating mysteries of the art world with palace intrigues in Saudi Arabia that are shaking the region. Prince Bader splurged on this controversial and un-Islamic portrait of Christ at a time when most of the Saudi Arabian elite, including members of the royal family, were cowering under a crackdown against corruption and self-enrichment.
As it happens, Prince Bader is a friend and associate of the leader of the purge: the country’s 32year-old crown prince, Mohammed bin Salman.
Bitcoin continues surge
Bitcoin topped $13,000 for thefirst time, pushing this week’s gains to more than 30percent amid speculation thatthe use of futures will helpmake digital currencies a legitimate asset class for mainstream investors.
The largest cryptocurrency by market value has soared from less than $1,000 at the start of the year as optimism climbs for the distributed ledger technology known as blockchain that is at the heart of bitcoin. The price surge has been accompanied by a growing chorus of warnings that the speculative frenzy is an asset bubble poised to burst.
Cboe Global Markets Inc. has said it will start trading bitcoin futures on Dec. 10, while CME Group Inc.’s contracts are scheduled to debut on Dec. 18.
Apple, China connection
Apple continues to do business with the Chinese government despite receiving scrutiny and criticism. That business has been Faustian at times — for example, the Cupertino tech giant has removed apps that Beijing does not like.
On Wednesday in the southern metropolis of Guangzhou, CEO Tim Cook explained the delicate relationship between his company and China.
“When you go into a country and participate in a market, you are subject to the laws and regulations of that country,” said Mr. Cook at the Fortune Global Forum, according to the Wall Street Journal. “Your choice is, do you participate or do you stand on the sideline and yell at how things should be. My own view very strongly is you show up and you participate, you get in the arena, because nothing ever changes from the sideline.”
Bomber is show of force
SEOUL, South Korea — The United States flew a B-1B supersonic bomber over South Korea on Wednesday as part of a massive combined aerial exercise involving hundreds of warplanes, a clear warning after North Korea last week tested its biggest and most powerful missile yet.
South Korea’s Joint Chiefs of Staff said the Guam-based bomber simulated land strikes at a military field near South Korea’s eastern coast during a drill with U.S. and South Korean fighter jets.
“Through the drill, the South Korean and U.S. air forces displayed the allies’ strong intent and ability to punish North Korea when threatened by nuclear weapons and missiles,” the military said.