Karlheinz Essl, 74, owner of Austrian DIY firm bauMax, hopes to sell 7,000 artworks in effort to safeguard 4,000 jobs
The owner of one of Europe's largest private collections of contemporary art is hoping to sell all 7,000 pieces to the Austrian state in an effort to inject capital into his struggling business and save 4,000 jobs.
The collection belonging to Austrian businessman Karlheinz Essl, 74, the owner of Austrian DIY firm bauMax, includes pieces from artists such as Hermann Nitsch, Max Weiler, Oskar Kokoschka, Maria Lassnig, and Arnulf Rainer, and has an estimated market value of €260m (£217m).
BauMax has 65 retail stores in Austria and branches around eastern Europe and Turkey. A spokeswoman for bauMax confirmed to the Guardian that money from the sale would go towards strengthening the company, although she denied it was nearing insolvency.
"The proceeds from the sale of the art collection would be a big step towards financing the restructuring at bauMax," said Monika Voglgruber.
But she confirmed that if there was a case of insolvency, the banks would be able to take the pictures and take apart the collection. Selling them to the Austrian state would ensure it was kept in one piece.
Speaking to Austrian media, Essl emphasised that the sale of the collection, which has been built up over five years and is kept in the Essl gallery just outside Vienna, is also about protecting jobs.
"It is not just about an art collection, which if destroyed would be a great loss to the Austrian cultural landscape. It is about 4,000 jobs, of which 160 people have disabilities," he said. "That is why I want to offer the whole collection to the Republic of Austria."
The collection has a book value of €86m (£71m) but estimates have put the retail value of the collection as high as €250m.
A spokesperson for Josef Ostermayer, the Austrian minister for culture, confirmed to the Guardian that negotiations have not yet begun over the sale but the government has invited people to a roundtable discussion due to take place next week.
"This will be with people from the banks, and Essl, as well as people from the government," said spokesman Matthias Euler-Rolle. Reported by guardian.co.uk 5 hours ago.
The owner of one of Europe's largest private collections of contemporary art is hoping to sell all 7,000 pieces to the Austrian state in an effort to inject capital into his struggling business and save 4,000 jobs.
The collection belonging to Austrian businessman Karlheinz Essl, 74, the owner of Austrian DIY firm bauMax, includes pieces from artists such as Hermann Nitsch, Max Weiler, Oskar Kokoschka, Maria Lassnig, and Arnulf Rainer, and has an estimated market value of €260m (£217m).
BauMax has 65 retail stores in Austria and branches around eastern Europe and Turkey. A spokeswoman for bauMax confirmed to the Guardian that money from the sale would go towards strengthening the company, although she denied it was nearing insolvency.
"The proceeds from the sale of the art collection would be a big step towards financing the restructuring at bauMax," said Monika Voglgruber.
But she confirmed that if there was a case of insolvency, the banks would be able to take the pictures and take apart the collection. Selling them to the Austrian state would ensure it was kept in one piece.
Speaking to Austrian media, Essl emphasised that the sale of the collection, which has been built up over five years and is kept in the Essl gallery just outside Vienna, is also about protecting jobs.
"It is not just about an art collection, which if destroyed would be a great loss to the Austrian cultural landscape. It is about 4,000 jobs, of which 160 people have disabilities," he said. "That is why I want to offer the whole collection to the Republic of Austria."
The collection has a book value of €86m (£71m) but estimates have put the retail value of the collection as high as €250m.
A spokesperson for Josef Ostermayer, the Austrian minister for culture, confirmed to the Guardian that negotiations have not yet begun over the sale but the government has invited people to a roundtable discussion due to take place next week.
"This will be with people from the banks, and Essl, as well as people from the government," said spokesman Matthias Euler-Rolle. Reported by guardian.co.uk 5 hours ago.