Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Basque MoCA?

December 16, 2008 by Marion Maneker

Bilboa Faces Its Own Financial Problems

According to Australia’s The Age:

The Basque regional parliament has convened a special session next week to decide who is politically accountable for the problems.

The museum’s former financial director, Roberto Cearsolo, is on trial for embezzling 500,000 euros ($A1 million) in the past decade, a misjudged currency deal cost the museum 7 million euros, and there are claims of overpayment for pieces in the permanent collection, such as Jeff Koons’ emblematic flowering Puppy.

Officials at the museum are quick to play down the impact of the financial problems. “The museum is in perfect shape financially,” countered Juan Ignacio Vidarte, director of the Guggenheim Bilbao since its inception. He said the former financial director had already repaid 80 per cent of the amount embezzled.

The reason for the sudden political storm, he said, was that, in the run-up to regional elections next year, opposition parties were trying to make the showpiece of the Basque Government look bad.

Guggenheim Bilbao Finances an Ugly Picture (The Age)

More from Art Market Monitor

  • The Scene at Sotheby'sThe Scene at Sotheby's
  • Why James Murdoch?Why James Murdoch?
  • Ascribe to Create ‘Unique’ Digital ArtworkAscribe to Create ‘Unique’ Digital Artwork
  • Sotheby’s Chinese Works of Art = $22.7mSotheby’s Chinese Works of Art = $22.7m
  • Saffronart Imp-Mod Feb ’12 = $1.2mSaffronart Imp-Mod Feb ’12 = $1.2m
  • Glafira Rosales Pleads GuiltyGlafira Rosales Pleads Guilty

Filed Under: Museums

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Lost Lempicka Discovered at Sotheby's
  • $10 M. Picasso Portrait Unseen for Decades to Sell at Bonhams
  • Vienna Secession Painting, Long Thought to Be Lost, Sets a Record at Auction
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Tony Podesta's Secret Art Buying
  • Collection of Texas Heiress Anne Marion Expected to Fetch $150 M. at Sotheby’s
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Selection Bias In Art Is What Creates Value
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor