Nation loses Old Master painting after pound plummets

London’s National Gallery confirmed on Thursday (16 February) that it lost the bid to acquire Pontormo’s ‘Portrait of a Young Man in a Red Cap’ (1530).

One of only 15 surviving portraits by the Italian Old Master, real name Jacopo Carrucci, it was sold to US hedge fund owner, Tom Hill, by the Earl of Caledon in 2015. In December 2015, it was temporarily barred from export by the former Minister for Culture Ed Vaizey who was concerned to help save the painting for the British nation. With the export bar in place, the National Gallery set to work raising the £30,618,987 necessary to match the sale price.  Continue reading

Sotheby’s sue over fake Parmigianino

Sotheby’s has filed a lawsuit in New York against the vendor of a 16th century Old Master painting after it was confirmed to be a fake.

In October last year, the auction house announced it would be conducting an investigation into the painting of ‘Saint Jerome’. Attributed to the ‘Circle of Parmigianino’, it was sold by Sotheby’s New York in January 2012 for US$800,000 (£509,650). Doubts over the work’s authenticity emerged after it was linked to an Old Master forgery scandal, which broke last year.  Continue reading