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
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  16. refinnejsetaerc reblogged this from sfmoma and added:
    Lesson: be careful with your Picassos!
  17. yaaaaman reblogged this from theatlantic
  18. wellearnedsoul reblogged this from theatlantic
  19. min1m0use reblogged this from sfmoma
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  21. dbreunig said: I’d challenge the insurance company to point to the subject’s “neck”.
  22. johnzkn reblogged this from sfmoma
  23. migamart reblogged this from sfmoma
  24. bertotopia reblogged this from sfmoma
  25. 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.