In order to double their acquisition fund, the Toledo Museum of Art (TMA) in Toledo, Ohio, has decided to part with three prestigious paintings: a Cézanne, a Matisse and a Renoir, which will be featured in Sotheby's Modern Evening sale on May 17, the same date on which Pablo Picasso's Femme nue couchée (1932) will be offered.
The works offered are Nu s'essuyant (1923) by Pierre-Auguste Renoir which carries an estimate between $3-4 million; Fleurs ou Fleurs devant un portrait (1923) by Henri Matisse with an estimate between $15-20 million; and Paul Cézanne's Clairière (c. 1895), estimated at $30-40 million. The three masterpieces could therefore earn up to $64 million. Related: Impressionism: Between Shadow and Light
The artworks of the Toledo Museum of Art, which will be offered for the first time in more than half a century, show the evolution of the artistic experimentation and embody the mastery of each of the three artists.
With Clairière, Cézanne tackles the conventional notions of perspective in the landscape represented. The established norms of artistic practice are also challenged by Matisse in Fleurs ou Fleurs devant a portrait in the flattened planes of the richly modeled and light-filled interior. The vision of new and exquisitely modern art is completed by Nu s'essuyant with the nude bather who seems to glow in Renoir's lush canvas.
The proceeds from the sale of these masterpieces, which historically defined art as we know it today, will be used to support future art acquisitions, possibly work by young contemporary artists.
Related: Picasso's First Cubist Sculpture Goes to Auction
The Toledo Museum of Art is obviously not alone in making the decision to sell part of their collection. The Met in New York has also entrusted an important bronze sculpture by Pablo Picasso (Fernande) to Christie's, which will sell it on May 12. Related: Why Are Museums Selling Their Masterpieces?
Museum Director Adam M. Levine said the museum will use the proceeds from the sale of Sotheby's "to create a new acquisition endowment, effectively doubling the Libbey Funds and leveling up our ability, in perpetuity, to broaden our collection with the highest quality works of art….These expanded funds will allow us to diversify our collection, seeking beauty without bias."
