- Carmen Thyssen-Bornemisza said crisis was 'also affecting collectors'
- Bought British painter Constable's The Lock for 10.8m in 1990
By Lee Moran
|
A cash-strapped Spanish Baroness is hoping one of her prized Constable paintings will fetch 25million at auction so she can 'ease her cash flow situation'.
Baroness Carmen Thyssen-Bornemisza, who founded the Madrid art museum bearing her surname, said her country's recession was 'also affecting collectors'.
It had forced her, she said, to sell British painter John Constable's The Lock - finished in 1824 and the last of The Stour Series, which includes his famous work The Hay Wain, to be privately owned.
For sale: The Lock, by British painter John Constable, is up for grabs at Christie's auction house in London in July
Reluctant: Baroness Carmen Thyssen-Bornemisza said she did not want to sell her Constable painting
'I need the money, I really need it, I have no liquidity,' the owner of an art collection worth more than 800million told Spanish reporters in a staggeringly frank admission.
She added: 'I am very austere with my life, but to maintain the collection requires lots of costs.
'I have had 640million of art work lent for free to the Spanish state over the last 13 years. I did not want to sell this.
'It has given me a lot of pain to lose this painting, that myself and my husband bought at an auction in 1990, but if God chooses I will not have to sell any more.'
Art home: The Thyssen-Bonemisza museum is located in the 19th century Villahermosa Palace in Madrid
Couple: Carmen Thyssen-Bornemisza (left) and her late husband Baron Hans Heinrich (right) build up a formidable art collection which has become the envy of the world
The Lock, to be sold at Christie's auction house in London on July 3, depicts a man operating a wooden canal lock gate in preparation for a boat to pass through.
A rural church is visible in the distance. It was first acquired by 19th century collector James Morrison at the Royal Academy’s summer exhibition in the year it was completed.
WHO EXACTLY OWNS THE LOCK?
Baron Hans Heinrich Thyssen-Bornemisza was one of Europe's richest men in the latter half of the 20th century - and following in his father Baron Heinrich's footsteps he became one of the world's greatest art collectors.
Using wealth generated from the large industrial conglomerate inherited from his father, he preserved and augmented the outstanding collection of Old Master pictures formed in the 1920s and 1930s.
He also significantly expanded the range through his own acquisitions, most particularly of the work of European and American artists from the 19th and 20th centuries.
His father’s collection included masterpieces by European masters including Hans Holbein the Younger, Albrecht Durer, Jan van Eyck, Domenico Ghirlandaio and Caravaggio.
It was largely displayed at the Villa Favorita, a 17th century mansion on Lake Lugano acquired from Prince Friedrich Leopold of Prussia in 1932.
Baron Hans Heinrich added more than 200 paintings, as well acquiring over 900 more modern works which were completely outside his father’s range of interest.
As his collection increased in scale, he began to focus on the possibility of finding it a suitable, permanent home.
In the mid-1980s, the main body of the collection was placed into a trust and in 1992 the Thyssen-Bornemisza Museum was opened in the newly refurbished 19th century Villahermosa Palace in Madrid.
Carmen Thyssen-Bornemisza shared her now deceased husband’s passion for collecting and they spent much of their marriage visiting museums, art galleries and auction houses.
The Thyssen-Bornemisza's bought it at auction for 10.8million in 1990 - at the time a world record price for any British work of art.
It has since been in the collection at the Madrid museum - which the couple opened in 1992 in the refurbished 19th century Villahermosa Palace after placing their collection into a trust some years before.
The Baroness tried to sell it to a British collector last year for 30million, but the deal was never sealed. She also tried to negotiate with the Spanish state, saying: 'I offered it at a special price, to be paid in installments, but we could not reach a deal.'
She also revealed that the museum has been been hit the country's economic crisis, with Caja Madrid recently cancelling its long-standing annual 1.75million sponsorship.
But it is not her most valuable painting, which is the Mata Mua by Gauguin, which has been valued at around 120million.
Constable himself said of The Lock: 'It looks most beautifully silvery, windy and delicious - it is all health - and the absence of everything stagnant, and is wonderfully got together.'
Jussi Pylkkanen, president of Christie’s Europe, Middle East, Russia and India, called the piece 'an outstanding masterpiece of European art'.
He said: 'This superb landscape, coming from the same series as The Hay Wain, represents British landscape painting at its very best.'
Richard Knight, co-Chairman of Old Master and British Paintings Department, and John Stainton, International Director, British Paintings, said: 'The sale of this painting will be a moment of huge significance for the art market, and for that of Old Master paintings in particular.
'In 2006 we combined the forces of our Old Master and Early British paintings departments due to the broadening international appeal for works dependent on their quality, as opposed to the nationality of the artist.
'Since then we have seen British art reach new heights and have broken records for a number of the greatest British artists including Stubbs, Gainsborough and Lawrence.
'We look forward very much to presenting this hugely significant work of art to the world's leading collectors and museums.'
Source: www.dailymail.co.uk
California Earthquake Shakes Malibu, Residents Laugh it Off - Christian Post
A small earthquake has jolted Southern California after striking the coast off Malibu Tuesday night.
There are no reports of damages or injuries. The U.S. Geological Survey said in a preliminary report that the magnitude 4.1 quake struck in the Channel Islands region at around 10:14 p.m. at the depth of 0 miles on Tuesday.
Additionally, the USGS said the earthquake was centered 30 miles southwest of Malibu, about 35 miles southeast of Oxnard and about 50 miles west of downtown Los Angeles.
There have been no earthquakes in the area exceeding magnitude 3.0 in the past 10 days.
Sheriff's and fire officials say there have been no calls about damages or injuries from the quake, according to Fox News.
On Twitter, the trembling earth has people talking, with many reporting it was a slight shake- including superstar Cher.
Like us on Facebook
"Felt quake," wrote the singer. "No Biggie! Was born here."
"4.1 earthquake offshore in Southern California," wrote Danny. "Didn't feel it here in Newport Beach."
Many users made jokes about the earthquake.
"That wasn't an earthquake, Los Angeles," wrote Stevie before mentioning reality television star of "Keeping Up with the Kardashians."
"It was Khloe Kardashian eating cars again."
Dystopia joked, "Turns out that recent earthquake in California wasn't an earthquake after all, just Rush Limbaugh trying to get out of a wetsuit!"
Meanwhile, a magnitude 5.8 earthquake rattled Italy Tuesday, sending 14,000 people from wrecked homes into makeshift shelters. More than 60 aftershocks ensued, and areas near the city of Modena and in the Emilia Romagna region sustained serious damages.
There are 17 known victims of the Italian quake due to collapsed factory buildings in the area. Investigators will examine how the factory buildings were built and why they did not withstand an earthquake of Tuesday's magnitude, according to CNN.
Source: global.christianpost.com
California Water Service Group's President & CEO Peter C. Nelson to Succeed Retiring Chair Robert W. Foy - Yahoo Finance
SAN JOSE, CA--(Marketwire -05/22/12)- California Water Service Group (CWT) today announced its Board of Directors' plan to combine the roles of Chairman and President & Chief Executive Officer and have President & Chief Executive Officer Peter C. Nelson succeed retiring Chairman Robert W. Foy, effective May 22, 2012. Douglas M. Brown will continue to serve as lead director.
Foy, a 35-year Board veteran who has reached retirement age for directors, expressed confidence in the decision: "Pete has demonstrated his leadership ability and we are confident that he will do a fine job as President, Chief Executive Officer, and Chairman of the Board. It makes good business sense to streamline decision-making and capitalize on Pete's extensive experience and expertise."
Nelson was elected President & Chief Executive Officer of California Water Service Group in 1996. Prior to joining the company, he had increasingly responsible positions in engineering, construction management, marketing, corporate and diversification planning, finance, operations, and general management at Pacific Gas & Electric Company.
Nelson holds a Bachelor of Science Degree in Mechanical Engineering from the University of California, Davis, and a Masters of Business Administration from the University of Massachusetts, Amherst. He serves as director of the California Chamber of Commerce and chairs the organization's Water Resources Committee. He is also a director of the California Foundation on the Environment and the Economy, a senior fellow of the American Leadership Forum, and an advisory council member at the Center for Public Utilities, New Mexico State University. Past affiliations include president of the National Association of Water Companies, director of the Bay Area Water Supply and Conservation Agency, and founding director of the Joint Venture: Silicon Valley Leadership Group.
Douglas M. Brown, who joined the California Water Service Group Board of Directors in 2001 and is currently the Dean of the Anderson School of Management at the University of New Mexico, will continue to serve as lead director.
California Water Service Group is the parent company of California Water Service Company, Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company, Inc., CWS Utility Services, and HWS Utility Services, LLC. Together these companies provide regulated and non-regulated water service to approximately 2 million people in more than 100 California, Washington, New Mexico and Hawaii communities. Group's common stock trades on the New York Stock Exchange under the symbol "CWT."
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("Act"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the Act. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management's judgment about the Company, the water utility industry and general economic conditions. Such words as expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not guarantees of future performance. They are subject to uncertainty and changes in circumstances. Actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause a result different than expected or anticipated include but are not limited to: governmental and regulatory commissions' decisions, including decisions on proper disposition of property; changes in regulatory commissions' policies and procedures; the timeliness of regulatory commissions' actions concerning rate relief; new legislation; changes in accounting valuations and estimates; the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulations on internal controls; electric power interruptions; increases in suppliers' prices and the availability of supplies including water and power; fluctuations in interest rates; changes in environmental compliance and water quality requirements; acquisitions and our ability to successfully integrate acquired companies; the ability to successfully implement business plans; changes in customer water use patterns; the impact of weather on water sales and operating results; access to sufficient capital on satisfactory terms; civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type; the involvement of the United States in war or other hostilities; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; and, other risks and unforeseen events. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph. The Company assumes no obligation to provide public updates of forward-looking statements.
1720 North First Street
San Jose, CA 95112-4598
Shannon Dean
(310) 257-1435
Source: finance.yahoo.com
Is the California Condor Out of the Woods? - Mother Jones
This post was originally published at Scientific American.
California condors—North America's largest birds, with a wingspan of up to 2.8 meters—were almost wiped out by poaching, DDT and lead poisoning before all of the remaining birds at the time were brought in from the wild in 1987. Captive breeding programs have increased the number of condors dramatically since then, and according to the April 30 census cited by The Oregonian, there are now 226 California condors living in the wild in California, Arizona and nearby Baja, Mexico. An additional 179 birds live in zoos and breeding centers. The population has increased more than 20 percent in the last two and a half years alone.
But condors still face threats on several fronts, chief among them the continued use of lead bullets by hunters in Arizona. California banned lead ammunition in the condors' habitats in 2007, but efforts to limit its use in Arizona have so far failed. Condors, as scavengers, eat the carcasses of animals killed by lead ammo (or the "gut piles" of innards left behind by hunters) and often die as a result. At least 22 of the condors released in Arizona have died from lead poisoning, according to a report from MSNBC. Up to 95 percent of the birds in the state have lead present in their blood, and a painful and sometimes fatal process called chelation is often used to remove the lead from their bodies in both states.
Source: www.motherjones.com
California raided 9/11 license plate fund to plug budget gaps - Leftlane
Motorists in California who thought they were supporting 9/11 victims’ families and law enforcement officers by paying extra for patriotic license plates were misled, an in-depth investigation has revealed.
Eighty-five percent of the money collected from the plates was supposed to go toward funding anti-terrorism efforts, while the remaining collections were to be spent on scholarships for the children of California residents who died in the September 11, 2001 terrorist attacks. California raises about $1.5 million from the plates every year.
The Associated Press says that California took in $15 million for its patriotic “We Will Never Forget” license plates released in the wake of the 9/11 terrorist attacks in New York, Washington, D.C., and Pennsylvania, but only a “small fraction” of the money received actually went to scholarships and just 40 percent was used for anti-terrorism training programs.
Where did the rest of the money go? Both current California governor Jerry Brown and former governor Arnold Schwarzenegger took more than $3 million from the program to cover part of the state’s budget deficit. Instead of funding anti-terrorism efforts, millions was spent on unrelated budget needs like livestock diseases and workplace safety.
The scholarship fund, which the state’s Department of Motor Vehicles still advertises, was curtailed seven years ago.
Photo from licenseplatemania.com
Source: www.leftlanenews.com
poor lamb, hope she manages to get by for a year or two on the 25 million . - stuart, alicante, spain Yeah, she could always shift the whole collection to China and charge them high entry fees.
- Ishkandar, London, 30/5/2012 21:27
Report abuse