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The most important modern Panerai timepiece ever offered publicly, will go under the hammer on Saturday, December 12 during the New York Watches auction.

The post Five Noteworthy Panerai Timepieces From Sylvester Stallone’s Personal Collection Will Grace The New York Watches Auction in December appeared first on LUXUO.

The most important modern Panerai timepiece ever offered publicly, will go under the hammer on Saturday, December 12 during the New York Watches auction.

The post Five Noteworthy Panerai Timepieces From Sylvester Stallone’s Personal Collection Will Grace The New York Watches Auction in December appeared first on LUXUO.

The Baltimore Museum of Art's controversial proposal to auction three works by Clyfford Still, Brice Marden and Andy Warhol from its collections, to raise funds to diversify and maintain its collections, has been shelved.

The practice, commonly called "deaccessioning," has provoked strong reactions and much debate in the last few months.

"1957-G" by Clyfford Still was estimated to sell for US$12 million to US$18 million (between HK$93 million and HK$139.5 million) while Brice Marden's "3" was expected at US$15 million (HK$11.6 million) at a sale at Sotheby's. Andy Warhol's monumental "The Last Supper" was expected to fetch US$40 million (HK$310 million) at a private sale.

The sale of these pieces, which could potentially have generated US$65 million (HK$503.8 million), would have permitted the Baltimore Museum of Art to "rebalance" its collections, adding more works by women and artists of colour. The American museum's "Endowment for the Future" financial plan would also have allowed it to fund the research, conservation, documentation and exhibition costs for these new works, as well as increase the salaries of employees and offer longer opening hours.

[caption id="attachment_211812" align="aligncenter" width="800"] 1957-G by Clyfford Still was originally set to be auctioned as part of the "Endowment for the Future" plan by the Baltimore Museum of Art. (Image: Sotheby's)[/caption]

"We believe unequivocally that museums exist to serve their communities through experiences with art and artists. We firmly believe that museums and their collections have been built on structures that we must work, through bold and tangible action, to reckon with, modify, and reimagine as structures that will meet the demands of the future," said the museum in a statement.

The board of trustees and industry group the Association of Art Museum Directors (AAMD), however, were unconvinced. Two Baltimore Museum of Art board members rescinded US$50 million (HK$387.5 million) in pledged donations, while the AAMD appeared to reverse the temporary guidelines it had issued in April to help cultural institutions weather the pandemic. These directives had relaxed the rules about deaccessioning to permit US museums to sell certain works to finance the care of their permanent collections.

"I recognise that many of our institutions have long-term needs — or ambitious goals — that could be supported, in part, by taking advantage of these resolutions to sell art. But however serious those long-term needs or meritorious those goals, the current position of AAMD is that the funds for those must not come from the sale of deaccessioned art," said Brent Benjamin, president of the Association of Art Museum Directors and the director of the St. Louis Art Museum, in an October 27 letter.

[caption id="attachment_211811" align="alignnone" width="1024"] The Baltimore Museum of Art had hoped to receive up to US$65 million from the sale of the three works at Sotheby's. (Image: Jon Bilous/ Shutterstock)[/caption]

While this official statement did not explicitly mention the BMA, opponents of the sale of the Still, Marden and Warhol works seized upon it as proof that the museum's plans were in violation of AAMD directives.

The Baltimore Museum of Art isn't the only US cultural institution contemplating letting go of some of its possessions in response to the pandemic. The Brooklyn Museum recently auctioned off a dozen pieces from its collection at Christie's, hoping to receive up to US$40 million (HK$310 million) to finance the upkeep of its collections. Among them was Lucas Cranach the Elder's "Lucretia" portrait, which surpassed its initial estimation of US$1.8 million to see the hammer fall at US$5 million (HK$37.8 million).

(Main and featured image: Jon Bilous/ Shutterstock)

The post Should Museums Sell Their Art? A Baltimore Institution Draws Backlash appeared first on Prestige Online - Hong Kong.

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The post Mecum Indy Fall Auction Proves Live Events Are As Strong As Ever appeared first on duPont REGISTRY Daily.

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The post Alfa Romeo B.A.T. Concepts Sell For Big Money At RM Sotheby’s appeared first on duPont REGISTRY Daily.

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