In a bold move to secure its financial future, the Museum Langmatt in Switzerland has sold three prized paintings by Paul Cézanne for a staggering $53 million. Facing imminent insolvency, the museum made the difficult decision to part with these valuable artworks, despite criticism from industry guidelines that discourage the sale of collection pieces. However, museum director Markus Stegmann defended the decision, stating that the funds generated from the sale will enable the museum to remain operational and create an endowment for long-term sustainability. Although the decision to sell the Cézannes was met with controversy, Stegmann hailed the sale as a significant milestone for the museum in these challenging market conditions.
Background
Switzerland’s Museum Langmatt, a renowned cultural institution, has recently found itself facing a severe financial crisis. To overcome this challenge, the museum made the difficult decision to sell three valuable paintings by Paul Cézanne. The artworks were auctioned off at Christie’s in New York, resulting in a total sales figure of $52.5 million, taking into account the buyer’s fees. This substantial sum of money is expected to not only keep the museum’s doors open but also contribute towards the creation of an endowment that will secure its future.
Sales Details
The three Cézanne paintings were sold at the Christie’s auction, attracting significant attention and bidding from art enthusiasts and collectors. The total sales, including buyer’s fees, amounted to $52.5 million. This substantial amount of money secured through the sale has provided much-needed relief for the Museum Langmatt, which was on the verge of insolvency.
Impact on Museum
The funds generated from the sale of the Cézanne paintings will play a vital role in sustaining and operating the Museum Langmatt. Markus Stegmann, the museum’s director, expressed his optimism by stating that the money obtained, after deducting the buyer’s fees, would amount to approximately 42.3 million Swiss francs. This significant sum will not only ensure the museum’s continued operation but also pave the way for the creation of an endowment. Such an endowment will act as a safeguard, securing the future of the Museum Langmatt in the face of financial adversity.
Criticism and Guidelines
The decision of the Foundation Langmatt to sell the three Cézanne paintings faced criticism from various quarters prior to the auction. The Swiss branch of the International Council of Museums condemned the sale, considering it a clear violation of the organization’s guidelines on de-accessioning from museum collections. This backlash led to a call for the withdrawal of the paintings from the auction. Despite the criticism, the Foundation Langmatt proceeded with the sale, emphasizing its dire financial circumstances as the motivating factor behind the decision.
Paintings Sold
The three Cézanne paintings that were auctioned off at Christie’s hold significant artistic and historical value. The first painting, titled “Fruits et pot de gingembre” (1890-1893), commanded the highest bid of $38.9 million, including buyer’s fees. The second artwork, “Quatre pommes et un couteau” (about 1885), sold for $10.4 million, while the third painting, “La mer à L’Estaque” (1878-1879), fetched $3.2 million. Each of these pieces possesses its own unique qualities that exemplify Cézanne’s mastery of the craft.
Restitution Settlement
Before the auction, one of the paintings, “Fruits et pot de gingembre,” was subject to a restitution settlement. The artwork had originally been sold by Jacob Goldschmidt, a Jewish art dealer in Frankfurt, in 1933. The details of the settlement were not disclosed, but Markus Stegmann confirmed that the compensation for the heirs would not be deducted from the museum’s share of the proceeds. This settlement highlights the significance of addressing historical injustices and ensuring fair compensation for those impacted by past events.
Auction Highlights
The Christie’s auction, which included a wide range of 20th-century art, proved to be extremely successful, generating remarkable total sales of almost $640.8 million. This impressive figure represents the highest total for a single-night sale of works owned by multiple collectors since November 2017. Among the highlighted sales was Claude Monet’s “Le bassin aux nymphéas,” which fetched an astounding $74 million. Additionally, six artists, including Richard Diebenkorn, Joan Mitchell, Arshile Gorky, Barbara Hepworth, Fernando Botero, and Joan Snyder, achieved record-setting prices for their works.
Works by Egon Schiele
The restitution sales of three works by Egon Schiele delivered excellent results, surpassing the pre-sale estimates. These artworks had been restituted to the heirs of Fritz Grünbaum, an art collector. The highest bid of nearly $11 million was placed on a self-portrait titled “I Love Antithesis.” Another self-portrait, a watercolor with black crayon created in 1910, was sold for $2.8 million. Furthermore, “Standing Woman (Dirne)” earned $2.7 million. The proceeds from these sales will benefit the Grünbaum Fischer Foundation, which aims to support underrepresented artists.
Publication
The news of the Museum Langmatt’s sale of the three Cézanne paintings has been covered extensively, earning a prominent feature in The New York Times. The article discusses the financial predicament faced by the museum and the controversies surrounding the sale. Published both in the print edition and online, the article serves as an important record of this significant event in the art world.
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