Distress Sale: Financier sends $40 million worth of art to auction

  • October 21, 2009 17:34

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Picasso

A collection of 39 major modern and Impressionist artworks, including paintings by Monet, de Chirico, Degas and Picasso, will be offered by Dutch financier Louis Reijtenbagh, who resolved three legal claims earlier this year. The works will be auctioned in New York on Nov. 4 and 5 and may fetch about $40 million, according to host Sotheby’s. “It seems like it’s one of the first group of pictures appearing at auction as a distress sale” since the financial crisis took hold, said private New York dealer Franck Giraud.

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