by
10loves10
@ 2007-02-18 - 14:34:12
A list of some of the world’s most expensive paintings and their owners' run of bad luck, from an article I found in one of those silly weekend suppliments.

Picasso – Le Rêve (1932)
Picasso's erotic dream of his mistress, Marie-Therese Walter, was one of his most memorable images. Its owner Steve Wynn, the casino king of Las Vegas, was showing it to guests last October. Gesturing at Marie-Therese's unusual face, he put his elbow through her forearm. The hole, recalls Nora Ephron, who was there, was the size of a silver dollar, with two rips. 'Oh shit' he said, 'Look what I've done'. The rest of us were speechless. 'Thank God it was me' he added. His Picasso - $7,000 in 1944; $139 million by 2006 - is now unsaleable, it's value probably less than $25 million, according to London dealers. 'Damage is one thing, but publicity is worse' says one. Wynn's sale of the painting to SI Newhouse, the magazine king of New York, was cancelled. The Dream becomes part of a life that saw Wynn spend more on art than anyone from 1994 to 1999 ($450 million), build the worlds most expensive hotel, the Bellagio in Las Vegas ($1,700 million), hit the skids, and sell the hotel and much of the art. And now this. Life is not fair.

Klimt – Portrait of Adele Bloch-Bauer I (1907)
Klimt's famous painting was sold for $135 million in June 2006 by Maria Altman of Los Angeles and the decedents of the Bloch-Bauer family of Vienna to Ronald Lauder, the heir to the Estee Lauder cosmetics fortune and founder of the Neue Galerie of German and Austrian Expressionist Art, New York. So far, everyone is fine and well. But for the Bloch-Bauers, the seven Klimt paintings they owned represent a tale of 20th-century misery. The paintings were seized by the Nazis on the Anschluss in 1938 and gifted tot he Osterreichsiche Gallery (the Belvedere) after the war. Sixty-one years later, the Austrian government restored five to the Bloch-Bauer family in 2006, but only after six years' legal argument.

Van Gogh – Portrait of Dr Gachet (1890)
Sold for $82.5 million at Christie's New York in May 1990 (now worth $127.3), this mournful portrait of the doctor who tried to cure Van Gogh after his year in the St Remy asylum - 'This man is sicker than I am' the artist declared - is currently unsaleable at any price. Its owner is unknown, but the picture is said (by the Met in New York) to be in Switzerland and to belong to the Barilla family of Padua who own a number of Van Goghs. Unfortunately, Dr Gachet is the subject of a claim of stolen goods, dating back to 1939 and its transportation from Amsterdam to New York for safekeeping (from the Nazis) by Siegfried Kramarsky for its owner, Franz Koenigs. Koenigs was murdered in 1941. After the war, Kramarsky claimed the Van Gogh was his, as security against a loan. Koenigs did indeed owe Kramarsky, a debt secured by paintings but Dr Gachet wasn't one of them. The issue is unresolved and Dr Gachet remains in hiding. The owner has refused to lend the painting for exhibitions.

Renoir – Bal au Moulin de la Galette (1876)
Sold for $78.1 million at Sotheby's New York in May 1990 (worth $120.5 million today), this Renoir favourite is another version of the artist's work in the Musee d'Orsay in Paris. It was bough in May 1990 by the Japanese industrialist Ryoei Saito of Shizuoka. Saito made his unprecedented art spend of $153.6 million in two nights in New York to restore face and demonstrate his power with the Sumitomo Bank in Japan, which had damaged his credit rating in the Eighties. Unfortunately, his miseries resumed thereafter. His Daishowa Paper Manufacturing Company fell in value between 1990 and 1992 from $5 billion plus to half as much. The board reduced the Saito family's power over its affairs. In November 1993 Saito was arrested in Tokyo over the development of a golf course; he was charged with paying a bribe of Y100 million (about £70,000) to the government of Miyagi to make illegal zoning regulations. He was found guilty but his three-year prison sentence was suspended on health grounds. He had diabetes, and died intestate in March 1996. Le Bal au Moulin de la Galette, valued on the books at $100 million, came on the market in March 1997 and was sold to an undeclared buyer for a price 'around $45 million', according to Sotheby's.

Picasso – Garçon à La Pipe (1905)
The Rose Period masterpiece was sold by the Whitney family of New York for $30,000 in 1950, to an unknown buyer; then for $104.1 million at Sotheby's New York in May 2004 ($111.2 million today) - when the underbidder may have been David Gaffen. The London art trade thinks the buyer might have been Philip H Niarchos, the Greek shipping heir. The painting was owned in the Thirties by the Mandelssohn-Bartoldy family of Berlin. The M-B bank was Aryanised by the Nazis in 1938 and its assets seized. The family's descendant, Professor Julius Schoeps of Potsdam, gave notice in 2004 that he is taking legal advice on whether the Picasso was a pre-war Nazi duress sale. The claim was dismissed by Sotheby's in 2004, but since another sale was withdrawn by Christie's last year under Schoeps challenge, Garcon a la Pipe is probably unsaleable until the issue is resolved.

Van Gogh – Irises (1889)
Sold for $53.5 million at Sotheby's New York in 1987 ($95.7 million today), this vivid study of the irises lining the drive of Van Gogh's lunatic asylum at St Remy passed from Joan Whitney Payson of New York to the Australian Property developer, brewer (Castlemaine XXXX), and media baron Alan Bond. Bond bid $53.5 million but was unable to pay, even though the auction house loaned him half the money. He never took possession the of the original and had a copy made. The dealer at Sotheby's who bid for Bond, the late Billy Keating, asked Bond repeatedly once the picture reached $40 million, 'Do you have the money, Alan?' Bond pressed on. Questions were raise in the Australian courts about Bond using company money (Dallhold Investments) to pay for private art purchases. In the early Nineties, Bond's empire tottered as banks called in his immense debts, and in 1994 he was jailed for three years for perpetrating Australia's biggest corporate fraud: he owed creditors a $1.8 billion. Bond went bankrupt but was bought out of bankruptcy in 1995. His art collection was auctioned in London: Irises went to the Getty in California for between $40 million and $45 million.
Aside from the fact that I can’t even comprehend some of these figures – and think that works of art shouldn’t be sold to fuckwit gazillionaires – I think it’s safe to say that we, my friend, have very impeccable, but very expensive taste. (see Klimt’s price tag)