– DIA Adds $100M to Rescue Fund: The Detroit Institute of Arts’ board of directors has approved a plan to raise $100 million over the next 20 years toward the rescue fund that will safeguard the museum’s collection and bolster the bankrupt City of Detroit’s pension fund. In addition to the fundraising initiative, DIA will also change its status from a city-owned institution to a non-profit. “Clearly this is going to be a challenge,” said DIA COO Annmarie Erickson. “It’s an enormous amount of money, but we’ve proven over and over again that we are good at raising money. We’ll have to balance this effort with our need to raise endowment dollars and operational funding. But given that this will help move the bankruptcy along quickly, that it will help the pensioners (and) ensure that the DIA collection is safeguarded for the public, we have compelling arguments to take to donors.” [Detroit Free Press]
– Qatar to Buy Wildenstein Townhouse: The Wildenstein collecting family is selling their Midtown Manhattan headquarters to Qatar, which plans to put in a consulate. The announcement of the sale comes at the same time that 34-year-old David Wildenstein takes the reins of the company from his father, Guy Wildenstein. The townhouse, on East 64th Street, is thought to be worth more than $90 million. [WSJ]
– Sotheby’s Announces Allocation Plan: Mounting pressure from Sotheby’s activist shareholders has led the auction house to announce a $300 million special dividend, potential property sales, and a $150 million share buyback program. “The message we are delivering is clear — we are returning meaningful capital to our shareholders now and in the future and establishing a framework that puts Sotheby’s in the strongest position to compete and win in this marketplace while delivering value to our clients,” said chief executive Bill Ruprecht. Meanwhile, critics like San Francisco-based investment company Marcato are already saying the proposed plan is not enough and that “Sotheby’s can and should return a total of $1 billion of capital to shareholders within 12 months.” [Sotheby’s, AFP, Yahoo]
– Germany Will Boost Nazi Loot Restitution Efforts: The incoming German minister of state of culture, Monika Gruetters, promised that funding for provenance research of allegedly looted art will be doubled. Meanwhile, a work that once belonged to Hildebrand Gurlitt — whose son Cornelius Gurlitt is now at the center of an enormous Nazi loot case — is in the permanent collection of LACMA: Max Beckmann’s “Bar, Braun” (1944). Also on the Nazi loot newswire, a painting whose attributing to Vincent van Gogh remains controversial is the subject of a restitution claim filed by the heirs of Richard Semmel, a Jewish industrialist who fled the Nazis; it currently belongs to the National Gallery of Victoria in Melbourne. [AFP, TAN, TAN]
– Critics Cold on “Monuments Men”: George Clooney’s star-filled WWII movie, “The Monuments Men,” which follows the exploits of a crack team of art historians trying to track down artworks stolen by the Nazis, is receiving rather tepid reviews ahead of its February 7 release. “These guys are supposedly the best in their respective fields, but they’re lousy soldiers, and try as Clooney might, with soaring musical cues from Alexandre Desplat, inspirational voiceover narration, and shots of a billowing American flag, it’s awfully hard to give a shit about whether they live or die and whether or not they succeed in their mission. Especially since, you know, the Holocaust,” writes Indiewire’s Drew Taylor. [Guardian]
– Queens Museum Autism Program Expands to Spain: A program for parents with autistic children that’s part of the Queens Museum’s ArtAccess initiative will expand to Spain through a partnership with Madrid’s Museo ICO, thereby launching “emPOWER Parents: Fostering Cross Cultural Networks between Families with Autism.” [DNAinfo]
– “Night at the Museum 3” is filming at the British Museum this week. [OLV]
– The recently launched web-based art selling platform Saatchi Online is already relaunching itself as Saatchi Art. [Tech Crunch]
– The Riaci bronzes are back on display although their home, the Museo Archeologico di Reggio Calabria, is still undergoing renovation. [TAN]
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