Swiss museum sells three Cézanne artworks for $52.5 mn amid financial crisis

The Museum Langmatt in Switzerland has successfully sold three Paul Cézanne paintings for a total of $52.5 million to alleviate financial difficulties. The auction took place at Christie’s in New York and attracted criticism from the Swiss branch of the International Council of Museums. Despite the controversy, the sale will allow the museum to continue operating as the proceeds will be used to establish an endowment. The highest-selling painting, a still life titled “Fruits et pot de gingembre,” fetched $38.9 million after a restitution settlement with the heirs of a Jewish art dealer. The auction also set records for other artists and achieved the highest total since November 2017. The proceeds from the sale of Egon Schiele’s works will benefit the Grünbaum Fischer Foundation, which supports underrepresented artists.