The move, criticised by some, was deemed necessary by the museum s foundation to prevent insolvency. Markus Stegmann, the museum director, announced that after deducting buyer s fees, the foundation would receive approximately 42.3 million Swiss francs ($46.9 million), securing the museum s future through the creation of an endowment.
Amid Criticism, a Museum Says It Must Sell Its Cézannes to Survive artdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from artdaily.com Daily Mail and Mail on Sunday newspapers.
Museum Langmatt said the sales were necessary to keep its doors open. Critics had said they violated industry guidelines on when a museum should sell off parts of its collection.
Heirs of Jewish Art Dealer Receive Portion of Proceeds From Cézanne Painting Sold for $39 Million by Museum algemeiner.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from algemeiner.com Daily Mail and Mail on Sunday newspapers.