Displaying items by tag: executor

Katya Kazakina puts a lot of guess work together to postulate what might have happened in the private sale of three of Bunny Mellon’s paintings, two of the nine Rothkos the Mellons once owned and a Richard Diebenkorn. The Rothkos were the monumental 10 x 15 foot No. 20 (Yellow Expanse) which the late David Anfam described as the “the jewel in the crown.” The 1953 painting was casually valued at $125m as early as 2010. The conjecture that the group were sold for $300m—and that’s just conjecture as you will see below—would suggest that No. 20 was sold for $200m or more:

Alexander Forger, the executor of Mellon’s estate, confirmed in a telephone interview that three paintings had been sold. He declined to identify the paintings, the price or buyer’s identity, citing confidentiality agreements.

The trial continued Thursday in a lawsuit brought by three trustees of the Robert Rauschenberg Revocable Trust, who are suing the artist's foundation for $60 million in fees for services rendered.

The worth of Rauschenberg's work was again the focus.

The trustees are Bennet Grutman, who was also Rauschenberg's accountant; Darryl Pottorf, close friend and companion and executor of the artist's will; and Bill Goldston, who partnered with the artist for a fine art print publishing company.

When Merton Simpson (1928-2013), a collector and dealer of African tribal art, passed away on March 9, 2013 he left behind a collection of museum-quality works said to be worth millions. Despite his illustrious holdings, Simpson’s family did not have enough money to give him a proper burial and his body is currently being held in a funeral home in Charleston, SC. Simpson’s son, Merton Simpson Jr., has started an email campaign asking friends of his father for contributions so that a proper funeral can be arranged.  

Simpson’s care and art collection have been continuously prickly issues for his family with accusations of mismanagement and exploitation flying freely. Simpson, a celebrated abstract expressionist painter, was a pioneering champion of African art in the United States. Sadly, his remarkable archive and renowned collection have become a source of conflict between his friends, family, and staff members and most of his holdings are being detained in the Manhattan gallery, which he owned.

A will from 2011 was filed in Manhattan last week for Simpson naming his son, Merton Jr., as an executor and dividing most of his assets between his two sons, his brother, and a nephew. Simpson’s family is still waiting for the court to deem the 2011 will legally valid and to name an executor.    

In 1932, Colonel Michael Friedsam, president of the New York City-based department store, B. Altman, bequeathed a huge portion of his estate to the Brooklyn Museum. It recently came to light that nearly a quarter of the 926 gifted works were fakes, misattributions or lacking in terms of quality. The Brooklyn Museum must now come up with a plan for the 229 pieces it no longer wants, which range from Dutch and Renaissance paintings to Chinese porcelains, jewelry, and furniture.

The museum is unable to sell the works for even the smallest profit because Colonel Friedsman’s will contains a clause stating that the museum must gain permission from the estate’s executor before deaccessioning works. Unfortunately, the last executor of Friedsman’s estate passed away in 1962. The Brooklyn Museum is currently working with the New York State attorney general’s office to maneuver around the clause. However, another clause in Friedsman’s will is proving problematic as it states that if the collection is broken up, the works should go to his brother-in-law and two friends. The museum has not yet started looking for the descendants of these three individuals as they are still working with the attorney general’s office to decide how to proceed.

The unwanted works are becoming more difficult to deal with, as the Brooklyn Museum is short on storage space. If the institution is unable to relieve itself of some of these works, they will be forced to rent additional storage spaces, which could cost the museum hundreds of thousands of dollars.