Art experts say it is worth well over $1.5 million.
Art experts say there is even serious museum interest in a few of the best works, something that hasn't been seen for several years now.
How could anyone, least of all art experts, have taken them seriously?
The government wanted to buy his 19th-century collection too, but was not able to raise the money, art experts said.
Art experts considered the 1994 price, just 10 percent less than its record, a triumph.
But Phillips still lost about $80 million, according to art experts.
Art experts say a sale could raise more than $5 million.
But he added that "you're not talking to an art expert here."
Art experts who have seen the collection call it impressive.
Art experts said they believed the guarantee was at least $5.5 million.