Fund Managers Raising the Ante in Philanthropy - New York Times

Fund Managers Raising the Ante in Philanthropy - New York Times: "Fund Managers Raising the Ante in Philanthropy



By JENNY ANDERSON
Published: August 3, 2005

Jamie Niven, the vice chairman of Sotheby's auction house, was having an unusual problem. He could not give away a new car.

Mr. Niven was responsible for dispensing with a Ford Mustang that was a door prize at the Robin Hood Ball, a charity event in New York that is dominated by wealthy hedge fund managers. But the accountant who initially won it in a raffle immediately donated it back. When Mr. Niven tried to auction it, those winners did the same. Finally, Mr. Niven insisted on giving the Mustang to the next bidder for $50,000. The car brought in a total of $390,000."