The Clyfford Still Museum opens in Denver in November. Just about the same time, Sotheby’s is hoping to sell—or have sold—four paintings to help fund the museum. The works come from the artist’s estate of 825 works; three were painted in the 1940s and one comes from the 70s.
According to the Bloomberg’s Katya Kazakina, Christie’s isn’t too happy that Sotheby’s got the nod from the City of Denver which is handling the sale.
Sotheby’s and Christie’s pounced on the chance to sell the four works, which include three completed in the 1940s, one in 1976. The largest painting is about 8 feet by 7 feet. […]
The city rejected the offer of Christie’s International Plc, which sold a large Still canvas in 2006 for $21.3 million.
The Associated Press gives us a little insight into the terms Sotheby’s offered:
Under the agreement, Sotheby’s contract requires a minimum net to the museum of $25 million. Sotheby’s could get a 5 percent commission, or $7.5 million, whichever is less, if the works are sold to another museum. Or it could get at the most a $15 million commission if the works are sold to private buyers at auction.
Auction Houses Fight Over Paintings (Associated Press)