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The Loan from the Auctioneer Bought Van Gogh — and Bankrupted Him

The Loan from the Auctioneer Bought Van Gogh — and Bankrupted Him

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The Loan from the Auctioneer Bought Van Gogh — and Bankrupted Him

In November 1987, a canvas by Vincent van Gogh sold at auction for fifty-four million dollars — the highest price ever paid for a single painting in recorded history. The buyer used money lent to him by the very auction house running the sale. He was, at that moment, a national hero who had just ended a 132-year winning streak in international sport — so what happens when the loan comes due?

In this episode, we trace the parallel rise and collapse of Alan Bond, from a twelve-year-old immigrant in Fremantle to the man behind Australia's America's Cup victory, a billion-dollar television network, a private university, and a record-setting art purchase — asking how genuine achievement and financial fraud occupied the same life at the same time.

Person: Alan Bond
Location: Fremantle, Western Australia
Date: November 1987
Case: the purchase of van gogh's irises for $54 million using a loan from sotheby's, the auctioneer itself
Status: bankrupted in 1992, later convicted and imprisoned for siphoning $1.2 billion from bell resources

- Bond emigrated from Hammersmith, London, to Fremantle at age twelve and was charged with attempted burglary at eighteen
- His syndicate's yacht, Australia II, ended the New York Yacht Club's 132-year hold on the America's Cup in September 1983
- In 1987 alone, Bond purchased Channel Nine from Kerry Packer for $1.05 billion, founded Bond University, and bought van Gogh's Irises
- The Irises loan from Sotheby's was never repaid; the painting was sold on to the J. Paul Getty Museum around 1990
- Bond's total debts reached $1.8 billion at bankruptcy in 1992; creditors ultimately settled for $12 million Australian
- In 1997 he pleaded guilty to siphoning $1.2 billion from Bell Resources and was sentenced to seven years, serving four
- His Order of Australia, awarded for the 1983 America's Cup win, was stripped following his conviction

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