Marina Picasso is interviewed in The Guardian this week, as she prepares to sell off an extensive collection of her grandfather’s ceramics and paintings, a gesture she feels will help to heal a painful childhood. “Being Picasso’s granddaughter was very hard. I don’t snub the inheritance, not at all, I just want a lighter way to live and to be able to devote myself to my humanitarian work,” she says. “There is absolutely no hatred, no bitterness, no vengeance on my part.”  (more…)

The court case over the Peggy Guggenheim Collection in Venice has begun, a lawsuit by the collector’s grandson to prevent the Guggenheim Foundation from showing any works not in the collection within the museum space, “alleging it breaks with the original arrangement that Peggy wanted and which should be respected after her death,” according to plaintiff Sandro Rumney. (more…)

The recent decision of Marina Picasso, granddaughter of painter Pablo Picasso, to sell off her collection of her grandfather’s works has many market analysts worried about a “flooded” market, even though Picasso has been selling works one by one for some time.  “Instead of having a dealer show them, it’s been an open secret that there are works for sale and people have been asking other people if they would be interested,” says historian John Richardson. “I’ve been asked by odd people who tell me, ‘We are in on a great deal, and Marina is selling all her stuff.’ ” (more…)

Marina Picasso, the granddaughter of Pablo Picasso, is selling off over $290 million in works from her personal collection of her grandfather’s works, including Portrait de femme (Olga), valued at about $60 million, and Maternité, which is valued at around $54 million. (more…)

The New York Times has published an extended account of the recent ruling on the case regarding the inheritance of James A. Elkins, a collector whose works were held jointly by various members of his family.  The ruling, announced earlier this fall, allowed a discounted estate tax on these works, fundamentally changing the way taxes can be levied on art in a collector’s estate.  “I’ve had calls from estate planning attorneys that said they celebrated in the coffee room when this decision came out,” says Carsten Hoffmann, managing director at FMV Opinions. “This is a deal changer.”  (more…)

A recent US Fifth Circuit Court decision over the estate of collector James A. Elkins Jr has considerable implications for collectors leaving behind works after their death.  The court decision allowed a considerable discount on the the Elkins Family’s collection, which included pieces by Pablo Picasso, Henry Moore and Jackson Pollock, as the works were owned partially by the collector’s children, and not wholly by himself.  “Finally we have an applied fractional discount based on the facts,” says art lawyer Joy Berus,  in Newport Beach, Calif. “These are major discounts. It’s a huge affirmation that opens the door to help art owners reduce their estates.” (more…)

Court proceedings regarding the lawsuit filed by members of the Robert Rauschenberg Trust, demanding they receive up to $60 million in compensation for their work maintaining the foundation, are nearing their conclusion.  The plaintiffs claim that their work has grown the value of the Rauschenberg estate, and they should be paid accordingly. (more…)

The passing of Merton J. Simpson, a notable artist and prominent dealer of African art, has set his inheritance into a state of uncertainty, with familial infighting leaving his estate without the money to bury his body, and the future of his impressive collection of works up in the air.  “I knew that when he passed, it was going to get really ugly,” said Luna Devin Crystal, a friend and employee of Mr. Simpson’s. (more…)

The New York Times has published a profile of the recently deceased Lisa de Kooning, daughter of 20th Century American painter Willem de Kooning.  The article traces her youth in New York City, her active championing of her father’s estate after his death in 1997, and her struggles with alcohol and drugs, which ultimately led to her early death.  “She had an immense amount of talent,” says actor Alex Kilgore, “but she knew what genius was and she could never free herself from her own eye.” (more…)