Germany's Langen Foundation Offers Up $35 Million Picasso at Christie's
The heirs of Marianne and Viktor Langen have decided to sell 30 works from the Langen Foundation, opened in 2004 upon the death of Marianne Langen. Ten of those pieces will be offered at Christie's New York's Impressionist and Modern sale on May 6th. Among the works. Picasso's Portrait de Femme (Dora Maar) (1931) is expected to bring top dollar, holding an estimate of $25-35 million. It's one of 13 Picasso works on offer in the 54 lot sale, which also features works from the Edgar M. Bronfman collection.
Following energy conglomerate E.ON's decision to sell Jackson Pollock's Number 5 (Elegant Lady) (1951), est. $20 million, some have balked in the German press about the prospect of yet more master works leaving the Rhineland.
Critics of the decision to sell have also lobbed complaints about the possible inheritance tax evasion strategy that could be behind waiting to sell the works until they had spent a period on public view. However, the Langen heirs say simply that "personal reasons" motivated the decision to sell the works now.