Art Basel Miami Beach, the largest U.S. art fair, will offer more than $3 billion of mostly postwar and contemporary works when it opens to a select group of collectors today, a 20 percent increase from two years ago.
Winfried Bausback, Bavaria’s justice minister, is considering changing the German state’s law to make it easier for the federal government to claim a collection of art allegedly seized by the Nazis and hoarded for decades in a Munich apartment block.
Detroit’s creditors, including bond insurers, asked the judge overseeing the city’s bankruptcy to give them a role in valuing its art collection, an asset that could be used to pay creditors owed $18 billion.
Germany is unlikely retroactively to extend the statute of limitations in order to prosecute Cornelius Gurlitt, the 80-year-old who hoarded artworks for half a century, Justice Minister Sabine Leutheusser-Schnarrenberger told Handelsblatt newspaper.
Cornelius Gurlitt, whose secret hoard of 1,406 artworks was seized in Munich by German authorities, says he doesn’t want to relinquish any of the art and is demanding its return, Spiegel magazine reported.
Ekkeheart Gurlitt has little good to say about his cousin Cornelius, who hoarded hundreds of works by artists such as Pablo Picasso and Marc Chagall for the past half century. There’s one positive thing, though, that he’ll tell you about the 80-year-old recluse: He saved the art.