ART SALES

De Kooning Foundation to Sell Paintings

In attempt to raise $30 million.

Some rainy-day funds are cooler than others. In an effort to raise more than $30 million to finance its initiatives, the Willem de Kooning Foundation has signed on with the Gagosian Gallery to sell a series of the Dutch artist’s paintings. This November, 10 of de Kooning’s later works, produced from 1983 to ’85, including de Kooning’s Privileged (Untitled XX), will exhibit at the gallery in New York City. The gallery is known for its exhibitions, which often compete with museums in terms of buzz and long lines—and perhaps that kind of noise will increase the value. Plus, a gallery show prevents the potential humiliation of public scrutiny when a painting doesn’t sell (and therefore has a decreased value). The show will allow a public viewing from November 8 through December 21 and then privately sell individual pieces to collectors.