National Galleries of Scotland Could Lose Two Titians

The Times Online is reporting the National Galleries of Scotland might lose two paintings by Titian if the museum system can not raise the necessary funds. One painting by Titian, entitled Diana & Actaeon needs to be purchased for 50 million pounds within four months, and a sister painting by Titian, entitles Diana & Callisto needs to be purchased by the Scottish Museum system for another 50 million pounds within four years. The values are considered under the market, yet the National Galleries of Scotland does not have the necessary funding in place to purchase the two paintings, plus about 18 other pieces of art from the Duke of Sutherland's collection (many consider to be one of the premier collections of Old Master paintings), the paintings will most likely find there way to private collections.

The National Galleries of Scotland is now partnering with the National Gallery of London to each raise 25 million pounds in order to keep Diana & Actaeon. Due to declining tax revenue and the cost of the upcoming London Olympics the treasures of England and Scotland are not able to assist other than granting usually tax relief, allowing the museum system to purchase at under the market level, estimated to be 150 million pounds for the pair of Titian paintings.

The article still is critical of the tax system and charitable donation code when compared to the American and French donation codes. As US appraisers, we thought our system of charitable donations was restrictive, especially after the passing of the Pension Protection Act and yet Scotland is saying our approach is much better and encourages donations.

The Times Online article states "Both galleries will have to approach the various private grant-giving trusts but, above all, they must keep the appeal in the forefront of the public's imagination. By doing this not only will they attract welcome smaller donations, but also, conceivably, large sums from undreamt-of donors. The threat of export of great works of art is a perennial one. The current system is inadequate and should be looked at again. New fiscal measures were suggested by the Goodison review five years ago, but these were never implemented."

To read the Times Online article click HERE.