The Cy Twombly Foundation is embroiled in a pricey art feud this week after two board members accused the group's treasurer, Thomas Saliba, of paying himself "unauthorized fees," according to The New York Times. Worried Twombly trustees Nicola del Roscio and Julie Sylvester recently filed a complaint with a Delaware judge, asking the court to appoint a custodian to deal with the sticky situation.
While it seems like a quick solution to the problem would be kicking Saliba out of his post, the fast fix has been thwarted by Ralph Lerner, a lawyer who supposedly had knowledge of the unsavory financial situation but who claims that ousting Saliba would leave the foundation's assets unmanaged, which, according to The Wall Street Journal, amount to an unbelievable $1.5 billion. Last we heard of the foundation, they were purchasing a $27.5 million mansion to turn into an education center and small museum in New York.
We all know that board members sometimes just can't get along, but we're stupidly surprised that a single foundation can be worth such an ungodly amount of money, aren't you? Scroll down for more arts news:
How Art Gets Sold For Millions: Ever wonder how million-dollar auctions come to be? One look at Christie's Impressionist and Modern Art Sale reveals that it can take decades. “This auction has probably taken 30 years to compile,” Jay Vincze, the auction house’s International Director of Impressionist and Modern Art, told the Telegraph. (Telegraph)
Vote For the Sovereign Asian Art Prize: The Sovereign Art Prize, a 10 year old contest that grants a $30,000 award to winners across the Asian continent and into the former Soviet Union and Middle East, has announced its list of 30 finalists. And now it's your turn to vote! (The New York Times)
Paris Photo Los Angeles Announces First Confirmed Galleries: Like the art fair, Paris Photo? Live in Los Angeles? If you answered yes to one or both of these questions, you should be very excited about -- wait for it -- Paris Photo Los Angeles, scheduled for April of this year. (Paris Photo Los Angeles)
The Rise Of (Very) Limited Edition Designs: Gone are the days when mass production ruled modernist design. Today, the tradition of limited-edition creations reigns supreme, characterized by "fabulously expensive, quasi-useful" objects by the likes of Tomás Libertiny and Julia Lohmann. (The Art Newspaper)
Is The IRS's Art Advisory Panel Being Fair?: The art world is marked by its expensive price tags, and with seven or eight-figure bottom lines we can only imagine how complicated the taxation on art sales can be. That's why there is an IRS Advisory Panel. Peter J. Reilly writes: "The panel met twice in 2012 reviewing 444 items, which according to the taxpayers were worth a total of $281,859,200. That’s a pretty big number, but when you consider that only 43 taxpayers were involved, it is really impressive." (Forbes)
A Timeline of Glam!: Everyone is jazzed about the Tate Liverpool's new exhibit, "Glam: The Performance of Style." If you can count yourself amongst the show's disciples, then here is an interactive timeline that will make your day. (The Guardian)