Getty seeks to buy major Parmigianino (ctd.)

February 10 2017

Image of Getty seeks to buy major Parmigianino (ctd.)

Picture: ACE

When I mentioned last year the Getty's intended purchase of a wonderful Madonna by Parmigianino (above) there was no value given. 'In the tens of millions' I speculated, and today the case notes for the export licence hearing have been published, giving the value at £24.5m. The notes seem to confirm that (unlike the case of the recent Pontormo) the Getty has not paid for the painting already, and that the sale is therefore dependent on an export licence. The painting comes from Sudeley Castle, where it used to hang over a door (as below).

Will a UK institution be interested in buying the picture? One would imagine that there are certain tax incentives here, with perhaps a 'discount' of 40% on the £24.5m if the painting has been conditionally exempt from inheritance tax. 

The case notes also reveal that the painting is on paper, something not previously known.

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