Wednesday, May 17, 2006

"Tiepolos" Will Stay in Italy; Denied Export License; Become Bargains

The ANNOTICO Report

Italy's government denied the required export license for a series of five paintings, considering  them works of cultural and national significance. The three Tiepolo's works are titled "The Flaying of Marsyas", "Hercules and Anteus", and "Ulysses discovering Achilles among the daughters of Lycomedes". Two are by Nicolo Bambini, depicting Greek and Roman myths as allegories on the power of eloquence and virtue.

As a result it is expected that the group of five will fetch 4 million euros (2.7 million pounds) at an auction,far below their estimated international market price -- which could be around 10.6 -16 million pounds, around 5 times as much.

 

OLD MASTER TIEPOLO PROMISES ART BARGAIN FOR ITALY                 

Reuters            

by Sophie Hardach                              

Tue May 16, 2006

MILAN (Reuters) - Three perfectly preserved paintings by Old Master Giambattista Tiepolo that have been hidden from public view for centuries will go on sale for a fraction of their international market price later this month.

The snag?

They can never leave Italy.

Italy's government denied the required export license to the paintings because it considers them works of cultural and national significance.

While that considerably reduces the number of potential buyers, the fact that the paintings have always stayed close to home is also part of their appeal.

The Tiepolos were commissioned by the Sandi family of lawyers for their Venetian palazzo in the 1720s, and have remained in the same family, which moved them to a villa in mainland Veneto in the early 20th century.

Auction house Sotheby's will offer them for sale on May 30 and has shown them in Rome and Milan over the past few weeks.

"They always had the same owners so that was the first time they were shown to the public," said Sotheby's spokeswoman Wanda Rotelli. "That's also why they are so well preserved, it is really extraordinary."

The works are part of a series of five paintings, two of which are by Nicolo Bambini, depicting Greek and Roman myths as allegories on the power of eloquence and virtue. Tiepolo's works are titled "The Flaying of Marsyas", "Hercules and Anteus", and "Ulysses discovering Achilles among the daughters of Lycomedes".

The biggest Tiepolo painting measures 2.5 meters (8 ft) by 5.2 metres.

Tiepolo was in his 20s when he took on the commission, at the start of a career that made him one of the most important Italian Rococo artists and took him to Germany and Spain.

Sotheby's will offer the five paintings as a single lot and expects them to fetch 4 million euros (2.7 million pounds) at the auction, which Rotelli said was far below their estimated international market price -- which could be around 10.6-16 million pounds.

She expected private Italian collectors or museums to bid for the paintings, or banks planning to make a donation -- although she also did not exclude that an American millionaire might be looking for a nice addition for his Venetian palazzo.

 

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