NO TIME FOR TOYS: Times are tough, and at Forbes that means the toys must go. The family will soon part with its famous antique toy collection, worth upward of $5 million, at a Sotheby’s auction in December. Among the items on the block: toy boats, soldiers, motorcycles and board games that were collected over nearly four decades by Malcolm Forbes and his sons. These items are housed in the Forbes Galleries, formerly at the company’s lower Fifth Avenue headquarters, which was sold to New York University earlier this year. Last year, the company auctioned off its wine collection and laid off about 100 workers. And things aren’t looking much better these days, as ad pages are down around 10 percent, year to date, according to Media Industry Newsletter.
This story first appeared in the September 27, 2010 issue of WWD. Subscribe Today.