This year the biggest annual business in the U.S. art market for the past decade will probably be done by a Manhattan department store, Gimbels. Last week Gimbels' art turnover was running at a rate estimated at close to $6,000,000 a year.
Gimbels' venture in art selling started last winter when the agents in charge of William Randolph Hearst's art hoard cast about for some method of converting it quickly into cash. Dr. Armand Hammer, head of Manhattan's Hammer Galleries, gave them the idea of selling it through a department store. So successful was the Hearst sale that Gimbels decided to keep...
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