Guggenheim lost £4.5m in art sale
Tuesday 15 January 2008
The authorities at Bilbao's Guggenheim Museum are facing intense criticism over the botched purchase of a sculpture by Richard Serra that cost millions in public money.
Instead of paying for the work in euros, the Guggenheim Foundation and the Tenedora Museum Modern of Contemporary Art decided to pay in dollars. The only problem was the bad exchange rate meant they lost more than €6m (£4.5m).
The Material of Time, a 1,034-ton sculpture by Serra, an American artist, occupies centre stage alongside his earlier work Snake in the museum. The works cost the authorities a total of €20.3m (£15.4m) in 2005.
After questions were asked in the Basque regional parliament, a legal investigation was launched by the Basque Tribunal of Public Spending, which reported yesterday that the transactions were "legal".
Juan Ignacio Vidarte, the Guggenheim's director, admitted that the total loss was €6,036,000. Miren Azkarate, the Basque culture minister, who has refused to resign over the affair, said the operation was "correct and perfectly legal, but mistaken".
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Japanese island overrun with cats after population explodes
- 4 Apple and Google users being spied on for a decade because of 'Freak' security flaw
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Japanese island overrun with cats after population explodes
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
Bubonic plague-carrying fleas found on New York City rats
London property boom built on dirty money
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
£25000 - £30000 per annum: Recruitment Genius: This fast growing company is a ...
£27300 - £36400 per annum: Recruitment Genius: Self-employed B2B Sales Consult...
£35000 - £45000 per annum: Recruitment Genius: This distributor and wholesaler...
£26000 - £29000 per annum: Recruitment Genius: An opportunity has arisen for a...