Kimbell Art Museum Purchases Poussin's Sacrament of Ordination

Nicolas Poussin's Sacrament of Ordination (Christ Presenting the Keys to Saint Peter) has been purchased the Kimbell Art Museum in Fort Worth for $24.3 If you recall, the painting (see image) was offered by Christie's London in December. It carried a pre sale estimate of $24.3 million to $31 million.

According to a New York Times report, many experts felt the price estimate/reserve was too high, and it failed to sell with reports of no bidding. It appears the Kimball was tracking the painting and after negotiating decided to purchase the piece. Fellow appraiser Louise Allrich sent me an article from the Star Telegram also detailing the sale. The Kimbell felt they negotiatied an excellent price, and did not have to pay the high Christie's buyer premium.

The painting was sold by the trustess of Belvoir Castles where it has hung since 1785. The trustees hope to use the funds in restoring the castle. The Star Telegram reports on the sale.

After months of stealthy negotiations in Great Britain, the Kimbell Art Museum has acquired a $24.3 million work -- a painting that is considered one of the greatest by 17th-century French artist Nicolas Poussin.

The Sacrament of Ordination (Christ Presenting the Keys to Saint Peter), painted between 1636 and 1642, depicts the Gospel account of Christ giving the keys of heaven and earth to the kneeling apostle Peter, vesting in him the authority of the Catholic Church.

It is one of Poussin's series of seven Sacraments paintings that a pope once considered too important to leave Rome.

"This painting elevates our collection. It's a game-changer," Kimbell Director Eric Lee said. "We are a greater museum today than we were two weeks ago." The price for Ordination equals a fifth of the cost of the Renzo Piano-designed building under construction on the Kimbell campus.

"We paid a lot of money for it, and it was a stretch," Lee said. "We don't have an unlimited budget, but we got it for an absolute steal."

To read the Star Telegram article, click HERE.

The New York Times reports

Some experts said its estimate of $24.3 million to $31 million was too high. Others said that such a specialized painting should not have gone to auction in the first place but should have been sold privately. The trustees of Belvoir Castle had put it on the market to raise money for the restoration of the castle and grounds, some 120 miles north of London.

What few people realized was that the Kimbell Art Museum in Fort Worth was quietly keeping tabs on the painting. “We were watching it closely,” said Eric M. Lee, the Kimbell’s director. “But December was not the right time for us to buy it.”

When it didn’t sell, he added, he “felt it was too important a painting to pass up.” So Mr. Lee approached the museum’s trustees “to see if we could afford it.” This summer the institution finally made a deal, paying $24.3 million — Christie’s low estimate — without the auction house’s steep buyer’s premium. Robert Holden, a fine-art agent based in London, and George Wachter, head of Sotheby’s old master painting department worldwide, represented the Kimbell.

to read the NY Times article, click HERE.