GAUGUIN PAINTING BREAKS SALE RECORD AT NEARLY $300m

A painting of two Tahitian girls by the French artist Paul Gauguin has been sold for $300 million (€265 million), believed to be the highest price ever paid for a piece of art.

Unconfirmed reports say the 1892 oil painting, entitled “Nafea Faa Ipoipo" (When Will You Marry?), was sold to a Qatari buyer, underlining the oil-rich Gulf state’s growing influence in the international art market.

Qatar held the previous record for the biggest sum paid for a painting after it purchased Paul Cézanne’s “The Card Players” in 2011 for a reported $250 million (€221 million).

The sale of the Gauguin painting was confirmed by the seller, Switzerland-based collector Rudolf Staechelin, in comments to the New York Times.

Two dealers with knowledge of the sale, who declined to be named, told the newspaper the painting had been purchased by a Qatari buyer, though Staechelin refused to confirm the information.

Paul Gauguin's 1892 oil painting “Nafea Faa Ipoipo" (When Will You Marry?)

For nearly half a decade the painting had been on display in the Kunstmuseum in Basel as part of a number of works on loan from the Staechelin Family Trust, which includes a collection of at least 20 major Impressionist and Post-Impressionist works collected by Staechelin’s grandfather in the early 20th century.

Paul Gauguin's 1892 oil painting “Nafea Faa Ipoipo" (When Will You Marry?)
The museum closed for renovation work at the beginning of February and its doors will remain shut until April 2016. A disagreement over the renovations led to a falling out between Staechelin and the museum, according to various media reports.

However, Staechelin told the New York Times his main motivation for selling was financial.

“The market is very high and who knows what it will be in 10 years,” he said. “Over 90 percent of our assets are paintings hanging for free in the museum. For me they are family history and art. But they are also security and investments.”