Displaying items by tag: art collection

The international financial services group, Credit Suisse, has decided to donate a portrait of Alexander Hamilton by Revolution-era painter, John Trumbull (1756-1843), to not one, but two museums. The painting has been on loan to the Crystal Bridges Museum of American Art in Bentonville, Arkansas since it opened to the public in 2011.

Credit Suisse decided that giving the portrait to Crystal Bridges and the Metropolitan Museum of Art in New York, two well-known institutions, would maximize the public’s enjoyment of the work by expanding its audience. The shared ownership will see that the portrait remains in Arkansas until the summer, when it will travel to the Met for a year. The painting will return to Crystal Bridges in 2014 for another year. Eventually the painting will be on view at each museum for two-year stretches.

Credit Suisse acquired the striking full-length portrait in 2000 when it absorbed the New York-based investment bank Donaldson, Lufkin & Jenrette. Richard Jenrette, one of the bank’s founding partners, had assembled a remarkable art collection for the company that became part of Credit Suisse’s acquisition.  

The New York Chamber of Commerce commissioned Trumbull to paint the Hamilton portrait in 1791 while he was serving as President Washington’s Secretary of the Treasury.

France will return seven paintings stolen from their Jewish owners by Nazis during World War II, part of an ongoing effort to give back hundreds of plundered works that still hang in French institutions including the Louvre. The seven paintings were all stolen or sold under duress as their owners fled Europe during the Nazi occupation. The works were to be displayed in Adolf Hitler’s art gallery, which he planned to build in his birthplace in Austria but never came to fruition.

At the end of World War II, with most of Europe in shambles, many artworks were left unclaimed and thousands of French-owned works found homes in the France’s various museums. Government efforts to return these works gained steam last year at the urging of the owners’ families.   The French government believes that there are approximately 2,000 Nazi looted artworks in state institutions; inaccurate archiving and the challenge of properly identifying paintings has made the restitution process a long one.

Six of the seven works to be returned were owned by Richard Neumann, an Austrian Jew who sold his remarkable art collection for a fraction of its value in order to flee Europe. His collection included works by Alessandro Longhi (1733-1831), Sebastiano Ricci (1659-1734), and Gaspare Diziani (1689-1767). The paintings were ultimately placed in the Louvre, the Museum of Modern Art of Saint-Etienne, the Agen Fine Arts Museum, and the Tours Fine Art Museum after the war.

The other painting to be returned is Pieter Jansz Van Asch’s (1603-1678) The Halt, which was stolen by the Gestapo in Prague in 1939 from Josef Wiener, a Jewish banker who was deported and later died in a concentration camp. The Dutch masterpiece hung in the Louvre for years until Van Asch’s family tracked it down online in the mid-2000s. The French Prime Minister, Francois Fillon, approved the return of the painting to the family last year.

The late German-born British painter, Lucian Freud (1922-2011), specified in his will that his private art collection was to be donated to British museums rather than burdening his family with an inheritance tax after his death. The bequest is part of a British law that allows “acceptance in lieu” of taxes for authors, artists, and collectors.

Considered one of Britain’s greatest painters best known for his portraits and figurative works, Freud owned a number of important masterpieces including Jean-Baptiste Camille Corot’s (1796-1875) Femme á la Manche Jaune (The Italian Woman or Woman with Yellow Sleeve) and three bronze sculptures by Edgar Degas (1834-1917). It has been determined that the Corot painting, which has not been on public view in over 60 years, will go to the National Gallery in London and the Degas sculptures, Horse Galloping on Right Foot, La Masseuse, and Portrait of a Woman Head Resting on One Hand, will go to Somerset House’s Courtauld Gallery.

The donation is a thank you of sorts from Freud to Britain. The grandson of Sigmund Freud, Lucian escaped Hitler’s wrath when he came to England as a child. He became a British citizen in 1939.

While hedge-fund owner, Steven A. Cohen, is embroiled in a financial fiasco, the art world is anxiously waiting to see what will become of his impressive art collection. The U.S. Securities and Exchange Commission has informed Cohen that his $14 billion company, SAC Capital Advisors LP, could be at the center of an insider-trading lawsuit. The SEC is currently suing SAC Capital’s former portfolio manager, Mathew Martoma.

Cohen, who is worth $9.5 billion, started building his collection around 2001 and is now regarded as one of the biggest and most influential art collectors. Once a major buyer of Impressionist works, Cohen began collecting more contemporary pieces and helped raise prices of big-name artists like Damien Hirst, whose shark in formaldehyde, titled The Physical Impossibility of Death in the Mind of Someone Living, he bought for $8 million.  

Cohen’s collection also includes works by Vincent van Gogh, Edouard Manet, Willem de Kooning, Pablo Picasso, Paul Cezanne, Andy Warhol, Francis Bacon, and Jasper Johns. If Cohen’s troubles worsen, he may be forced to dismantle his carefully assembled collection and begin selling his artworks.

Known for her extravagant shoe collection, one-time Philippine first lady, Imelda Marcos, also accrued an admirable art collection during her late husband’s reign. Marcos’ former secretary, Vilma Bautisa, was indicted on Tuesday, November 20^th, on charges of conspiracy, tax fraud, and offering a false instrument for filing, all relating to artworks that had previously belonged to Marcos. 74-year-old Bautista acquired a number of important paintings from Marcos and her husband, Ferdinand, after his regime came crashing down in 1986 after a citizen revolt.

The Manhattan District Attorney hit Bautista, a New York resident, with charges that she was conspiring to sell paintings that were the legal property of the Philippine government. The District Attorney’s office claims that Bautista used false paperwork to sell Le Bassin aux Nymphéas (1899) from Claude Monet’s Water Lilies series in September 2010 for $32 million. The other works in Bautista’s possession are Monet’s L’Eglise et La Seine a Vétheuil (1881), Alfred Sisley’s Langland Bay (1887), and Albert Marquet’s Le Cypres de Djenan Sidi Said (1946). The four paintings involved in the suit once hung in a Manhattan town house used by Imelda Marcos and her husband.

Two of Bautista’s nephews were also charged but did not appear in court. Bautista pleaded not guilty and was released on a $175,000 bond.