Caught Up In The Drama

The title of the article is great: Put a Diamond Under Stress, and You Might Crack -- the actors in the drama include: Ralph O. Esmerian, 68, a collector of American folk art and precious gems who owns the Fred Leighton jewelry company + Merrill Lynch Mortgage Capital, a division of Merrill Lynch & Company + Peter E. Bacanovic, the former Merrill Lynch broker who was sentenced to five months in prison for his role in the Martha Stewart stock case + François Curiel, the director of Christie’s jewelry department + read the full story @ http://www.nytimes.com/2008/04/20/fashion/20jewels.html

The following comments are great lessons in (jewelry) business.

'The estimates are disastrously low. It’s a fire-sale presentation. These are special pieces that deserve some respect. It’s like a magnificent Fifth Avenue mansion being offered for the price of a Third Avenue condo.'
- Ralph O. Esmerian

'Ralph is an artist, not a businessman. In his world, being a week late on a payment is nothing. When he sells a million-dollar piece of jewelry the client might walk out of the store without paying for it. He understands that it takes time for people to liquidate assets. People don’t have money sitting in cookie jars.'
- Helen Davis Chaitman