More on Titians

A while back the AW Blog posted on the potential sale of two Titian by the Duke of Sutherland to the National Gallery in London and the National Galleries of Scotland (click HERE to read). Each Titian was to be sold at the discounted price of 50 million pounds. The first 50 million pounds were due December 31st, and the second 50 million pounds in four years.

The Times of London is reporting that the ArtNewspaper is soon to release a story detailing complications in the negotiations. In addition to the Titian purchases is the long term loan agreement with the Duke about the Brdigewater collection of old masters. The collection is considered the greatest assortment of old masters in private hands. The Bridgewater collection has been on display at the National Galleries of Scotland. It was thought the Bridgewater collection would stay on loan for an additional 23 years so long as the two Titians were purchased at 100 million pounds. It is said the first 50 million pounds has been raised, but final negotiations continue.

It is now thought the Duke wants the ability to sell pieces of the Bridgewater Collection under certain circumstances. The National Gallery and National Galleries of Scotland are of course against the selling of any of the Bridgewater collection while on long term loan to the institutions.

My thoughts are what a fantastic appraisal exercise in valuation and broad evidience. The Galeries receiving the two Titians at discounted prices (how much of a discount), true value of each Titian (indivudually and togheter as they were meant to be) value of the individual pieces of the Bridgewater collection, and the collection as a whole, and the impact to value of not being able to sell the property for certain periods of time. Much to think about from an appraisal perspective. I am sure there are even more valuation considerations as well.

To read the Times article, click HERE.