No Sale At Chupi Forces Julian Schnabel To Sell His Picasso
Artist-turned-director Julian Schnabel has a problem, he can't sell his apartments. We've discussed Schnabel's folly, the rose-colored Palazzo Chupi multiple times and a recent Huffington Post piece revealed that the penthouse has now been discounted from $32 million to $22 million. The real estate downturn is prompting Schabel to part with one of his dearest possessions, his prized Picasso. Schnabel bought Femme au Chapeau way back in 1989. The nearly six-foot canvas painted when Picasso was nearly 89 mirrors Schnabel's own penchant for creating outsize works.
Schnabel has had the painting in his home for 20 years and the New York Times reports that it most recently hung in his living room in Palazzo Chupi. It will be sold at the Christie's auction on May 6 and is estimated to bring $8 million to $12 million. Schnabel told the Times that the sale of the painting will take care of a loan he took out with Commerce Bank that used part of his art collection, including the Picasso, as collateral.
Reader Comments (Page 1 of 1)
Neil in Harlem Apr 5th 2009 8:33PM
It looks like he overextended himself. Ambition got the best of Schnabel.
nelsonian4d Apr 22nd 2009 3:46PM
Fat man thought he was still great. That is his problem.
Suggestion: A new tile for a painting my old friend.
"Viva la buena banana at Chupi"