Chicago’s Union League Club decided to sell its prized Monet painting, called Pommiers en fleurs (1872). But, this is not the only piece up for selling – there is also a work Walter Ufer. The goal is to support financing for a $10 million building refurbishment. The Monet painting, previously mentioned, depicts a French street with blossoming white flowers and bushes.
Chicago’s Union League Club Crisis Due to Covid-19
Club member Judge John Barton Payne first acquired the painting in 1895. He also sold it to the club for $500. The retail price of the 23-inch by 29-inch artwork increased to $20,000 in the late 1950s. It went up even more in 1985, reaching an estimated price of $900,000. Aside from a show at the Art Institute of Chicago in 2020, the spring scene has been shown on the club’s second floor since its acquisition.
The historic private social club previously allowed the sale of the Monet masterpiece in December 2020. This happened because the COVID-19 outbreak caused a strain on the economy. The 501(c)(7) tax-exempt organisation already reduced almost 75% of its full-time workers because of reduced managerial salaries. Also, it raised $520,000 in member donations.
By the end of 2020, the painting’s market worth was expected to range within $5 million and $15 million. However, the Union League Club turned down a $7.2 million bid from an Australian art dealer. A plan to sell the artwork ended up in court, and a judge determined that the club was not required to finish the transaction before March 2021.
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Hope That Piece Is Worth a Lot More
The Chicago Tribune claimed that a “significant mortgage” led to the sale of Pommiers en fleurs and Ufer’s Land of Mañana (1917), despite the club’s improved financial situation. Also, due to funds for the renovation of its structure, which will turn 100 years old next May. “We believe that now’s the time to raise capital”, board vice president Frank DeVincentis said.
“Rather than impose on our existing members with a one-time assessment, we believe that raising the funds through the sale of some art is most appropriate”, he also added. There is also hope that Pommiers en fleurs is now worth a lot more. “It is in excess of that $7.2 million figure”, DeVincentis further explained. “Much greater excess”.
According to The Tribune, Winston Art Group, based in New York, has been contracted to sell Pommiers en fleurs and Land of Mañana. The Union League Club and Winston Art Group weren’t responsive when it comes to media questions about the topic.
