"The two multi-storey, site-specific murals that Chagall created for the Met, The Triumph of Music and The Sources of Music (both 1966), have been collectively appraised at $55m by Sotheby's. If they are offered for sale, it will be under the condition that the buyer leaves them in place. The new owner, in the event of a sale, would be identified by an adjacent donation plaque."
"Gelb maintains that these steps were taken to address revenue issues downwind of a previously announced $200m deal with Saudi Arabia that made headlines last September. As part of that agreement the Saudis committed to subsidise the Met in exchange for the company coming to Riyadh to perform at the Royal Riyadh Opera House three weeks out of the year in winter."
On 19 January the Metropolitan Opera announced layoffs of 22 workers, temporary executive salary cuts and consideration of selling its two site-specific Marc Chagall murals to address mounting financial problems. The murals, The Triumph of Music and The Sources of Music (both 1966), carry a combined Sotheby's appraisal of $55m and would be sold only if a buyer agreed to leave them in place, with the new owner noted on an adjacent donation plaque. The company postponed Modest Mussorgsky's Khovanshchina, citing revenue shortfalls following a delayed $200m Saudi funding agreement that pledged subsidies in exchange for annual Riyadh performances; critics cited human rights concerns. General manager Peter Gelb said the Saudis had recalibrated budgets and assured the deal would proceed, but payouts have been delayed, prompting further belt-tightening.
Read at The Art Newspaper - International art news and events
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