Museums Pandemic Crisis – Selling Art to Hundreds of Millions

In London, the Royal Opera has sold a work, a portrait of David Hockney. It was auctioned off at Christie’s for 130 million SEK. The Royal Opera belongs to the institutions known as “the Crown Jewels of Great Britain” and is considered the country’s premier cultural heritage.

Now the Royal Academy of Arts also has plans to sell the art mainly intended as a marble sculpture by Michelangelo, says Pia Lundberg, a London-based cultural advisor.

Michelangelo’s artwork is a 16th-century marble relief called Taddei Tondo. It is the only work by Michelangelo in the UK and is valued at 100 million pounds sterling, more than 1 billion Swedish kronor.

Private US museums are under severe pressure

There is also a deep economic crisis in the world of American museums, as a central decision has been made to allow art museums to sell works for a limited time. First was the Brooklyn Museum, which auctioned 12 works. Among others, world-famous artists include Claude Monet, Henri Matisse and Joan MirĂ³. Additionally, many of the world’s leading art museums plan to sell from their collections.

Now we see that the Metropolitan Museum of Art is also planning to sell the works. The Baltimore Museum was also interested in selling parts of its collections, but it faced so much criticism that it pulled that auction off, says Helen Larson Possett, a member of the Cultural Council in Washington.

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