Bear sale nets €1.1m

A DISGRACED hedge fund manager’s collection of luxury teddy bears and soft toys has sold for more than £1 million (€1.1m).

Paul Greenwood, who pleaded guilty to fraud charges in the US last year, is believed to have owned the collection which went under the hammer at the Christie’s saleroom in South Kensington, London, yesterday.

The top lot out of the collection of 1,300 Steiff toys was a Harlequin teddy bear circa 1925, which sold for £46,850 (€53,000).

Teddy bear specialist Daniel Agnew, working as a consultant for the Christie’s Steiff sale, said: “The sale of Steiff: An Important Private Collection has been an historical landmark in the collecting world of teddy bears and soft toys — the largest ever — achieving a total of £1,082,356.

A Christie’s spokesman would not confirm the identity of the owner of the collection, which included toys dating back to 1890.