It is reported Wynn's bid was the only bid on the painting, but there was other interest. The article states another group was interested in the painting and were willing to bid up to $40 million. The interested bidders had supposedly agreed to terms with Christie's for payment within 6 months of the sale. Chrisitie's is said to have changed terms, at was going to keep the painting until it was paid in full. The interested party then decided not to bid on the painting, leaving it to Wynn.
Vogel reports
On Dec. 8, the day of the auction, though, Mr. Wynn called several old-master dealers and Rembrandt scholars to ask their opinion of the work, “Portrait of a Man, Half-Length, With His Arms Akimbo” (1658), experts said.
The auction attracted only one bidder. (The final price of $33.2 million includes fees to Christie’s.) But others were interested in it, too. Otto Naumann, a Manhattan dealer, and Alfred Bader, an art investor from Milwaukee, were prepared to buy it together and were willing to go as high as $40.3 million. Christie’s had given them extended terms: at least six months to pay for the painting.
“The day of the sale, Christie’s withdrew the terms,” Mr. Naumann said. “They told us we would not be allowed to collect the painting until it had been paid in full.” So the men decided not to bid.
Mr. Naumann said that while he was ready to buy the painting, he knew it was risky. “There was no clear modulation in the face,” he said, referring to the painting’s brushstrokes, an indication of its condition. “It might be there after cleaning, but it might not. It was definitely a gamble.”
To read the full NY Times article, click HERE.
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