Picasso Blue Period Portrait Withdrawn from Christie's NY Auction

Thursday, 09 November 2006 08:54

NEW YORK CITY - Christie’s and The Andrew Lloyd Webber Art Foundation announced that – with great reluctance – they will withdraw the magnificent Blue Period Portrait de Angel Fernández de Soto, 1903, that had been scheduled for sale at Christie’s New York sale of Impressionist and Modern Art this evening.  The joint decision was the result of 11th-hour claims – that Christie’s and the Foundation believe to have no merit about title to the picture.

Christie’s Americas president Marc Porter stated: “Despite the favorable ruling of the federal court dismissing their claims there, we have been informed by the litigant’s attorneys that they intend to file another suit in state court.  A cloud of doubt has been recklessly placed on the Portrait de Angel de Soto by the litigant and his attorneys on the very eve of this long-scheduled and highly publicized sale.  We have thus been compelled to withdraw the Portrait from tonight’s sale. Christie’s and our client remain confident that the underlying claim has no merit, and we reserve the right to seek damages harm caused this picture, the charity that rightfully owns it and Christie’s.  We particularly regret that the plaintiff’s actions will unnecessarily delay the sale of the picture and thereby spoil the charitable purposes for which the picture was being sold by the Foundation.”

The painting is arguably one of the most important of this period in the artist’s oeuvre and is estimated at $40 – 60 million (£22 – 33 million).  The portrait was to be offered by The Andrew Lloyd Webber Art Foundation with proceeds benefiting a variety of charitable purposes.  Andrew Lloyd Webber would have made no personal gain from the sale.