An American-owned picasso painting, "Mother and Child", failed to sell at auction in London on Tuesday (30 November).
LV INT. Picasso painting at auction
MV Auctioneer raising offers from 75,000 guineas (3 shots)
GV National Gallery across Trafalgar Square
CV Titian's "Death Of Actaeon" and PAN
LV & MV Gallery spokesman
SV ZOOM IN "Death Of Actaeon"
TRANSCRIPT: (SIR JOHN WITT) (SEQ. 5)
"It is going to cripple us...we are obtaining an advance from the government of 600,000 pounds, which we have to repay over four years, and that is a considerably sacrifice. But, I think we are all unanimous.....the trustees, the director, the staff....in thinking that this sacrifice is worthwhile."
Initials OS/048 OS 137
Script is copyright Reuters Limited. All rights reserved
Background: An American-owned picasso painting, "Mother and Child", failed to sell at auction in London on Tuesday (30 November). Just four years ago it had fetched a record price for a living artist, and although Tuesday's bidding reached over a quarter of a million pounds, the work....from Picasso's Blue Period....was withdrawn, having failed to reach its reserve price. The auction coincided with the launching of an appeal by Britain's National Gallery for public donations to buy another masterpiece, Titian's "Death Of Actaeon". This had been sold to America from Lord Herewood's collection several months ago, but was not granted an export licence. The Gallery trustees have agreed to pay one million pounds towards its cost....230,000 pounds is being sought from the public, and a similar amount will be given out of Government funds.