May 2, 2012
How a Rip in This Picasso is Worth $7.5 Million

Femme Assise dans un Fauteuil (Woman Sitting in a Chair), a jaggedy portrait in the typical Picasso style, will hit the auction block tonight at Sotheby’s. And in the scrutiny of what’s expected to be the second-most-expensive piece of art sold in the next two weeks (asking price: $20 to $30 million, in case you’re in the market), we learn how much a two-inch tear in a Picasso can cost.
Here’s the story: a lawsuit dug up on the painting reveals that in 2009, financer Teddy Forstmann’s insurance company sued an art gallery housing the portrait for a rip below the figure’s neck due to “careless, negligent, reckless, and otherwise improper handling of the work,” according to Vanity Fair's Alexandra Peers. That supposedly reduced the value of the painting by $7.5 million, the amount the insurance company paid out to Forstmann, according to the claim. Sotheby’s only slyly mentioned the repair, without fully disclosing the damage: “There is a two-inch repair below the figure’s neck where the canvas has been stitched. … Under UV light, one hairline retouching to address repair, otherwise fine.”
Read more at The Atlantic Wire.

How a Rip in This Picasso is Worth $7.5 Million

Femme Assise dans un Fauteuil (Woman Sitting in a Chair), a jaggedy portrait in the typical Picasso style, will hit the auction block tonight at Sotheby’s. And in the scrutiny of what’s expected to be the second-most-expensive piece of art sold in the next two weeks (asking price: $20 to $30 million, in case you’re in the market), we learn how much a two-inch tear in a Picasso can cost.

Here’s the story: a lawsuit dug up on the painting reveals that in 2009, financer Teddy Forstmann’s insurance company sued an art gallery housing the portrait for a rip below the figure’s neck due to “careless, negligent, reckless, and otherwise improper handling of the work,” according to Vanity Fair's Alexandra Peers. That supposedly reduced the value of the painting by $7.5 million, the amount the insurance company paid out to Forstmann, according to the claim. Sotheby’s only slyly mentioned the repair, without fully disclosing the damage: “There is a two-inch repair below the figure’s neck where the canvas has been stitched. … Under UV light, one hairline retouching to address repair, otherwise fine.”

Read more at The Atlantic Wire.

  1. anjaallavainilla reblogged this from sfmoma and added:
    pablo
  2. butshouldibe reblogged this from theatlantic
  3. tommarch reblogged this from theatlantic and added:
    Why is Picasso so Great? What’s so great about… Why do you think people say this is so great? List what makes it...
  4. atehaka reblogged this from dztp
  5. dztp reblogged this from yaaaaman
  6. antennas reblogged this from yaaaaman
  7. wizardblue reblogged this from theatlantic
  8. dragnetmag reblogged this from theatlantic
  9. thearspoetica reblogged this from sfmoma
  10. myghostlife reblogged this from theatlantic
  11. lastopiumden reblogged this from sfmoma
  12. bigstarlet reblogged this from theatlantic
  13. tellmeaboutlife reblogged this from theatlantic
  14. refinnejsetaerc reblogged this from sfmoma and added:
    Lesson: be careful with your Picassos!
  15. yaaaaman reblogged this from theatlantic
  16. wellearnedsoul reblogged this from theatlantic
  17. min1m0use reblogged this from sfmoma
  18. thekatierogers reblogged this from theatlantic
  19. dbreunig said: I’d challenge the insurance company to point to the subject’s “neck”.
  20. johnzkn reblogged this from sfmoma
  21. migamart reblogged this from sfmoma
  22. bertotopia reblogged this from sfmoma
  23. crocodileblackpelvis reblogged this from theatlantic and added:
    I’m going to pick up a boxcutter and stop by Sotheby’s to pay The Scream a little visit.
  24. estranha-rosa reblogged this from sfmoma
  25. loveiki reblogged this from theatlantic
  26. sisifo reblogged this from sfmoma