Monet’s Letdown

May 7, 2014

A painting of water lilies by Claude Monet owned by the gallery sold for $24 million at a Christie’s auction last night, but the Corcoran won’t see a penny of it. The final bid came as a bit of a letdown—the painting was said to have been worth between $25 million and $35 million on the low end, and because of a complicated settlement with the estate of benefactor Huguette Clark, the Corcoran (or whichever institution would have ended up with the money after the Corcoran’s dissolution) would have only gotten half of any amount in excess of $25 million. (WCP)

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