German government steps in to buy Giambologna sculpture

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German government steps in to buy Giambologna sculpture | The Art Newspaper reports that the German government has partnered with a number of foundations in an attempt to buy a Giambologna bronze statuette for Dresden’s State Collections – two days before it was due to be auctioned at Sotheby’s in London. The bronze, a gift from the artist to the elector of Saxony, was first mentioned in the inventory of the Dresden royal art chamber in 1587. It was sold in 1927, eventually ending up in the collection of chemicals giant Bayer AG, which recently consigned it for auction at Sotheby’s (the auction was meant to go ahead today). According to culture minister Monika Grütters, the government has pledged €1m towards the purchase price.

LACMA pushes to meet $600m fundraising target | The Los Angeles County Museum of Art is driving hard to secure the $600m needed to break ground on its Peter Zumthor-designed extension. The project is around six months behind schedule, leading to fears that commodity prices and the US’s economic situation may cause costs to rise considerably if fundraising targets are not met soon. ‘[We] would really have to reevaluate the amount of money we’d have to raise,’ director Michael Govan admits.