Oprah offloads Klimt portrait for $150 million
Bloomberg’s Katya Kazakina reports that last year billionaire media mogul Oprah Winfrey sold Gustav Klimt’s Portrait of Adele Bloch-Bauer II to a Chinese buyer for $150 million in a sale brokered by mega-dealer Larry Gagosian. Winfrey purchased the painting for $87.9 million in 2006 at Christie’s in New York.
According to the article:
In 2014, Winfrey lent the painting anonymously to the Museum of Modern Art for five years, according to the person, who asked not to be identified because the information is confidential. The loan was arranged by entertainment mogul David Geffen, who is Winfrey’s friend and a benefactor of the museum, the person said.
Gagosian contacted Winfrey through Geffen.
The article also notes:
The work is the second major Klimt that changed hands since the art market started contracting. Russian billionaire Dmitry Rybolovlev sold “Water Serpents II” (1904-1907) privately for $170 million in November 2015, according to Sandy Heller, Rybolovlev’s art consultant. Both Klimts went to Asia, where booming wealth has built a growing network of collectors eager to anchor their art holdings with Western masterpieces.
“Klimt is on the list of some people,” said Grace Rong Li, who advises Asian collectors on Western modern and contemporary art. The appeal of the artist, known for his golden-hued “The Kiss,” is both aesthetic and financial, she added.
“Portrait of Adele Bloch-Bauer II,” from 1912, depicts a woman in a long, narrow robe and halo-like black hat, standing against an ornate background of mauve and green. The subject, Bloch-Bauer, was the wife of a Jewish industrialist and art patron in Vienna.