Sheik pledges treasures to cover auction house debt

NEWYORK— Amember of the Qatari royal family and one of the largest art buyers has pledged the world’s most expensive watch and about 240 other collectibles to Sotheby’s to cover debts owed to the auction house, according to court documents.

Sheik Saud Bin Mohammed Bin Ali al- Thani, a cousin of the emir of Qatar, provided items from diamond jewelry to tribal art and four vintage watches made by Patek Philippe of Geneva, Switzerland, the auction house said in an Oct. 12 filing with the New York Department of State.

The timepieces include a pocketwatch known as the Henry Graves Supercomplication, which an anonymous bidder bought for a record $ 11 million in a Sotheby’s auction in 1999. In total, Sotheby’s holds items valued at almost $ 83 million from al- Thani, according to a court document.

Al- Thani has been hit with two lawsuits since the end of September, one alleging he failed to pay for $ 19.8 million of ancient coins he bid on in January.

A British court, in a judgment Friday extending a freeze on $ 15million of the sheik’s assets at the request of the coin dealers, said al- Thani appears to have left at least 11 auction houses and dealers unpaid in the last 18 months, including $ 42 million owed to Sotheby’s.

Al- Thani couldn’t be reached for comment. Amanwho identified himself as a “private employee” at an office the sheik maintains near London’s Portman Square said al- Thani was out of the country for amonth.

Andrew Gully, a spokesman for NewYork- based Sotheby’s, said the company doesn’t comment on private business arrangements.

“It’s not unheard of in the auction business, when clients run into cash problems, for auction houses to take property in lieu of payment,” said Michael Plummer, the cofounder of Artvest, a NewYork- based firm that provides investment advice for the art market and a former chief operating officer of the financialservices unit at auction house Christie’s. Plummer said he had no knowledge of Al- Thani’s specific situation.

Al- Thani formerly ran Qatar’sNational Council for Culture, Arts and Heritage.