The Toledo Museum of Art will deaccession three Impressionist paintings that could fetch more than $60 million at Sotheby’s:
comes up for sale at Sotheby’s on May 17, it will be joined on the auction block by three Impressionist paintings from the collection of the Toledo Museum of Art , which could net as much as $64 million—the largest institutional deaccession of the season.
He continued, “The American Alliance of Museums, the Association of Art Museum Directors and the International Council of Museums, all say that thoughtful deaccessioning is part of collections care,” adding that the TMA’s sale complies not only with these organizations’ regulations governing member institutions but also with its own foundational principles.
In an April 8 letter to TMA members, Levine explained that founders Edward Drummond Libbey and his wife Florence Scott left the museum acquisition funds on the condition that “artworks purchased with funds left by them may be sold so long as the proceeds are used to purchase other artworks.” This endowment is currently $40 million.
Levine stated that the museum would use the proceeds from the Sotheby’s sale “to create a new acquisition endowment, effectively doubling the Libbey Funds and leveling up our ability, in perpetuity, to broaden our collection with the highest quality works of art….These expanded funds will allow us to diversify our collection, seeking beauty without bias.
“These are all historic works,” the director told Artnet News this week. ”And we do have other examples in the collection, other amazing and iconic examples.”, which has been frequently requested for exhibitions, Levine said. It also retains a life-size late Renoir sculpture of a bather, as well an earlier painting,
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