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☆ Check out some of the art masterpieces in the record $300 million gift to a US university
▼ + stars: | 2024-03-16 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

An art collector donated the largest art gift ever to a US university, Seattle University said. Property developer Richard Hedreen donated a $300 million collection to the university. AdvertisementAn art collector has made the largest-ever art donation to a US university, Seattle University said in a press release earlier this week. Richard Hedreen gifted the private Jesuit university more than 200 works worth a total of $300 million to create the Seattle University Museum of Art. "My wife, Betty, attended Seattle University, and I am giving the collection to the university in her honor," Hedreen said.

Persons: Richard Hedreen, Roy Lichtenstein, —, Betty, Hedreen, Elizabeth, Seattle University Hedreen, Rashid Johnson seascape, Andy Warhol, Willem de Kooning, Lucien Freud, Dick, Betty Hedreen, Patrick J, Callans, Eduardo Peñalver, Giovanni TOSCANI, Amy Sherald, Pablo Picasso's, Gustav Klimt's, Fächer Organizations: Seattle University, Service, Jesuit, Seattle University Museum of Art, Roy Lichtenstein Seattle University, Trustees, Giovanni TOSCANI Seattle, Seattle University's Jesuit, Financial Times, Amy Sherald Seattle University Locations: Seattle

☆ A Gustav Klimt painting valued at up to $54 million was rediscovered after being missing for nearly a century
▼ + stars: | 2024-01-26 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Gustav Klimt's painting "Portrait of Fräulein Lieser" was rediscovered after nearly 100 years. The painting is set to be auctioned in April and is valued at up to $54 million. AdvertisementA long-lost painting by the Austrian modernist Gustav Klimt has been rediscovered after nearly a century. Related storiesAfter being exhibited globally, the portrait will be auctioned in Vienna in April, with an estimated value of up to €50 million, or around $54 million, the auction house said. According to the auction house, the painting appears to have been acquired by "a legal predecessor of the consignor in the 1960s and passed to the current owner in three inheritances."

Persons: Gustav Klimt's, —, Gustav Klimt, Klimt, It's, Adolf, Henriette Lieser, Klimt's Organizations: Service, Observer, Washington, Nazi Locations: Austrian, Vienna, Austria, Europe

Many in the art and insurance world, however, say it may be only be a matter of time before art works are vandalised, especially if protests spread beyond climate activism. The art insurance market globally earns around $750 million in premiums. PRESSURE ON PREMIUMSLosses and levels of insurance availability tend to dictate insurance premiums. Commercial museums and galleries, however, buy art insurance, and its use is also more prevalent among larger museums in the United States than in Europe. While five insurers contacted by Reuters said they were not yet factoring climate attacks into premiums, some artists say they already face increased costs.

☆ Climate activists attack glass screen protecting Klimt painting in Vienna
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/4] Gustav Klimt's painting "Tod und Leben" is seen after activists of Last Generation Austria (Letzte Generation Oesterreich) spilled oil on it in Leopold museum in Vienna, Austria, November 15, 2022. Letzte Generation Oesterreich/Handout via REUTERSVIENNA, Nov 15 (Reuters) - Climate-change activists on Tuesday smeared and glued one of their hands to a glass screen protecting a Gustav Klimt painting in a Vienna museum to protest against oil drilling, on a day when entry was free thanks to an oil firm's sponsorship. One of Last Generation Austria's tweets said: "New drilling for oil and gas is a death sentence for humanity." Nonetheless we are shocked that the Leopold Museum was in focus here," the museum's museological director, Hans-Peter Wipplinger, told a news conference. While the museum sympathised with the activists' cause, it disagreed with the means employed, Wipplinger said.

☆ Climate activists throw black, oily liquid at Klimt painting in Vienna
▼ + stars: | 2022-11-15 | by ( ) www.cnbc.com time to read: +3 min

Gustav Klimt's painting "Tod und Leben" is seen after activists of Last Generation Austria (Letzte Generation Oesterreich) spilled oil on it in Leopold museum in Vienna, Austria, November 15, 2022. Climate activists in Austria on Tuesday attacked a famous painting by artist Gustav Klimt with a black, oily liquid and one then glued himself to glass protecting the painting's frame. After the attack, police arrived at the museum and the black liquid was quickly cleaned off the glass protecting the painting, Austria Press Agency reported. It's one of the latest pieces of art to be targeted by climate activists to draw attention to global warming. The British group Just Stop Oil threw tomato soup at Vincent van Gogh's "Sunflowers" in London's National Gallery last month.

☆ An auction of 60 works from the late Microsoft co-founder Paul Allen's art collection smashes records by raising $1.5 billion
▼ + stars: | 2022-11-10 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

An auction of late Microsoft co-founder Paul Allen's art collection raised just over $1.5 billion. The Christie's auction has set a new record as the biggest art sale in history. The most expensive work was Georges Seurat's "Les Poseuses, Ensemble (Petite version)", which fetched $149.2 million. This painting, which depicts three nude women, is considered a pioneering work of Seurat's signature style of Pointillism. A total of five pieces went for more than $100 million each at the auction in New York on Wednesday night.

☆ Microsoft co-founder Paul Allen's art collection tops $1.5 billion at auction
▼ + stars: | 2022-11-10 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Christie's sold 60 works from the Paul G. Allen Collection for over $1.5 billion Wednesday night, as wealthy collectors around the world shrugged off economic and crypto worries to invest in trophy artworks. Several works sold for three or four times their estimates, with several artists setting new records at auction, including Vincent van Gogh, Edward Steichen and Gustav Klimt. The sales total of $1.506 billion shattered the previous record for the most expensive collection ever auctioned, set by the Harry and Linda Macklowe collection auctioned at Sotheby's for $922 million. The sales total for the Allen collection will soar even higher Thursday morning, when another 95 lots head to auction. The collection of Paul Allen, the late co-founder of Microsoft, was a treasure trove of masterpieces spanning 500 years.

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