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Jan. 30--Refco Inc., the former commodities and brokerage giant that has been humbled by an accounting scandal and bankruptcy, is seeking to have its stellar collection of contemporary photography and other art auctioned this spring by Christie's.
Refco creditors may be pleased, given the likely interest in the works, which had been displayed in Refco's offices in New York and Chicago, the firm's former home. But Chicago's Museum of Contemporary Art may not be happy.
Since last fall the MCA has pressed, without success, its claim to a 10 percent interest in one print in the 500-piece collection, Andreas Gursky's "Avenue of the Americas."
MCA chief Robert Fitzpatrick said Thursday that the museum's claim has not been resolved in U.S. Bankruptcy Court in New York, which is overseeing Refco's reorganization, or in talks with Refco. He said Refco contends the work can't be separated from the collection or spared from auction.
A Refco spokesman declined to comment Thursday on the dispute, which was the subject of a Dec. 13 Tempo story.
Fitzpatrick said he has sent a letter to Christie's informing the New York-based auction house of the museum's interest in the Gursky. He also sent a copy of a 2002 Refco letter outlining the firm's promise to give the print outright to the MCA by Dec. 31, 2007. He said he had not yet heard back from Christie's. A Christie's spokeswoman declined to comment on details of the proposed auction.
Last Wednesday, Refco asked the court to approve a series of sales at Christie's, beginning April 25. A hearing on the request is slated for Feb. 14.
cstorch@tribune.com
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