"The Sources of Music and The Triumphs of Music are each 30 by 36 feet, and they look magnificent through the glass walls of the opera company's home, day and night. The pair have been appraised at $55 million by Sotheby's, according to Peter Gelb, the Met's general manager, who told the New York Times last week that the company may sell them, with the condition that the buyer "would have to agree to leave them in place, with a donation plaque.""
"The Chagall murals have already helped the Met Opera unlock millions for more than 15 years, without them moving an inch or changing ownership. The Met has previously pledged them as collateral for loans from J.P. Morgan, Bank of America, and, most recently, Citibank, according to regulatory filings. The first loan originated in 2009, when the Met was $71 million in the red during the financial crisis. The latest loan was made during the pandemic, in 2021, and comes due in October."
The Metropolitan Opera is seeking liquidity by appraising and potentially selling its two large Marc Chagall murals, The Sources of Music and The Triumphs of Music, each 30 by 36 feet, appraised collectively at $55 million. The Met has used the murals as collateral for bank loans since 2009 and most recently secured a loan in 2021 that comes due in October. The company has also pledged two Aristide Maillol sculptures. The opera's annual budget exceeds $300 million. Comparable institutional sales and temporary transfers of major artworks have occurred previously to address financial distress.
Read at Artnet News
Unable to calculate read time
Collection
[
|
...
]