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Tuesday, July 17, 2012

LIQUIDITY PROBLEMS

Times are tough even for members of the capitalist class as this news item shows. "Landscape artist John Constable's The Lock has become one of the most expensive British paintings ever sold, fetching £22.4m at auction at Christie's in London yesterday. The sale is also highly controversial. .... But as the BBC reports, the Constable's sale by Baroness Carmen Thyssen-Bornemisza has prompted Sir Norman Rosenthal, one of the European art world's most respected art curators, to resign as a trustee of Madrid's Museo Thyssen-Bornemisza in protest. The baroness called the sale "very painful" but said she was forced to part with the painting because the current economic crisis had left her with "no liquidity"." (The Week, 4 July) The Baroness once the beauty queen Miss Spain has been finding things tough recently but £22.4m should keep the wolf from the door for a little while we imagine. RD

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