Word: whitney
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Dates: during 1980-1989
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...last Wednesday night, Picasso's 1905 Au Lapin Agile was widely expected to become the most expensive painting ever sold at auction. It had been put on the block at Sotheby's in New York City by heiress Linda de Roulet, whose brother John Whitney Payson had sold Van Gogh's Irises for $53.9 million two years before. It was a far better picture than the Picasso self- portrait, Yo Picasso, that had made a freakish $47.85 million last...
...Armstrong, director of the Whitney Museum of American Art in New York City, has a further worry: the growth of private, or vanity, museums. Some American collectors of contemporary art, he points out, think of themselves as institutions, and this would make them reluctant to donate art to a museum even if the tax laws had not been changed. They do not crave the imprint of the established museum. They want the Jerome and Mandy Rumpelstiltskin Foundation for Contemporary...
Irises was owned by John Whitney Payson, who had lent it to a small university museum in Maine. But with the news of Sunflowers' sale for $39.9 million -- and with little tax relief in sight if he gave it to a museum -- he decided to sell it through Sotheby's, which cautiously predicted a price between $20 million and $40 million and went to tell Bond the glad news. Sotheby's did not need to cast a delicate fly over Bond and strip it softly in. The fish was already halfway over the gunwale and champing eagerly...
...least according to Whitney, thatstrategy has paid off. Whitney, an annualcontributor to the Harvard College Fund, says hedoes so because he remembers his time at theUniversity fondly...
...have an enormous loyalty to an institutionwhere you spent such formative years of yourlife," Whitney says...