Debt-Ridden German Family Raises $55 Million

An auction of 25,000 art objects accumulated by the dukes of Baden earned more than expected, allowing the aristocratic family to cover most of its formidable debts.

The 15-day auction was the biggest of its kind ever conducted by Sotheby’s and brought in $55 million, Christoph Douglas, Sotheby’s chief for Germany, said Saturday.

The family ruled the state for generations before business setbacks and big tax bills got it in financial trouble. Heir Margrave Max von Baden, put the collection on the block hoping to raise about $35 million.

The state of Baden-Wuerttemberg paid $32.5 million before the auction for items of particular interest to the state’s cultural heritage.

The total earned should cover most of the family’s declared debts of about $92 million.