Art for money's sake: Portugal aims to recoup debt

[unhappycamper]

http://www.adn.com/2014/02/04/3305896/art-for-moneys-sake-portugal-aims.html



FILE - In this Thursday, Dec. 19, 2013 file photo, auction house workers adjust Joan Miro's 1968 oil painting "Women and Birds" which has an estimated sale price of 4-to-7 million pounds ($6.5 million to $11.5 million), in a room with other works by Miro, at Christie's auction house in central London. Portugal is hoping a master of surrealism can help taxpayers recoup some of the millions they lost rescuing a failed bank. The government is selling 85 works by Spanish artist Joan Miro that became public property when Banco Portugues de Negocios was nationalized in 2008. Christie's in London, which is handling the two-day sale starting Tuesday, Feb. 4, 2014, describes the collection as "one of the most extensive and impressive offerings of works by the artist ever to come to auction."

Art for money's sake: Portugal aims to recoup debt
By BARRY HATTON
Associated Press
February 4, 2014 Updated 3 minutes ago

LISBON, Portugal — Portugal is hoping a master of surrealism can help taxpayers recoup some of the millions they lost rescuing a failed bank.

The government is selling 85 works by Spanish artist Joan Miro that became public property when Banco Portugues de Negocios was nationalized in 2008.

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The auction has stirred controversy, however, with some Portuguese demanding the trove be exhibited. Hours before the auction was due to start, a Lisbon judge denied the main opposition Socialist Party's request for an injunction to stop the sale.

The government says the bailed-out country's austerity drive has left it short of cash for spending on culture, and it says the Miro collection is not one of its priorities. Portugal needed a 78 billion euro ($105 billion) international rescue in 2011 to spare it from bankruptcy.