Andrew Lloyd Webber‘s long running dispute over Picasso’s ‘The Absinthe Drinker’ has finally ended – but not without serious ramifications.
The composer bought the famous piece back in 1995, for what was then a record sum for a Picasso of £19.3million. It was then exhibited several times at various prominent galleries until November 2006, when he decided to sell it and donate the proceeds to his charity – The Andrew Lloyd Webber Art Foundation.
However, right on the cusp of the sale a judge halted any further proceedings. A professor called Julius Schoeps had alleged that Paul Von Mendelssohn Bartholdy, a Jewish banker from Berlin, had been forced to sell the painting in 1934 as a “consequence of Nazi persecution”.
It transpired that Mr. Von Mendelssohn-Bartholdy (the nephew of the composer Felix Mendelssohn) was indeed roped into selling the Picasso by the Nazis, in what was a savagely weakened art market at the time. He was also coerced into selling several other stella paintings from his collection, including works from Van Gogh and Manet.
After years of exorbitant legal fees, the case was finally settled a couple of days ago. Both sides of the legal battle reached an agreement, the content of which remains confidential, except that the heirs have relinquished any claim to the painting.
This result should be music to the ears of all major art collectors, as the iconic painting is now free to be sold on the open art market. All proceeds will still go to Mr. Webber’s foundation.
However, perhaps even more important than those critical details, is the fact that the US courts (through which the case was heard) have set an extremely significant precedent.
In a statement expressed on behalf of Professor Shoeps and his family, the ramifications were outlined: “For the first time ever, a US court recognized that victims of Nazi persecution who lost artworks and perhaps other materials as a result of Nazi duress and pressure have a viable judicial remedy to reclaim their property without needing to establish that Nazi authorities seized it directly or ordered a particular sale.”
The case has paved the way for several more legal proceedings. As a result, art collectors, depending on what you own, should either be thrilled or terrified.
(Source: Telegraph.co.uk)