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The Langmatt’s decision to auction off works from its collection to save itself from being shut down sparks debate over the protection of national artistic heritage
Sotheby's Emily Fisher Landau Collection triumphs in an expectation-setting selective Market, while Christie's 21st Century sale struggles.
The move, criticised by some, was deemed necessary by the museum's foundation to prevent insolvency. Markus Stegmann, the museum director, announced that after deducting buyer's fees, the foundation would receive approximately 42.3 million Swiss francs ($46.9 million), securing the museum's future through the creation of an endowment.
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Critics say it is violating industry guidelines by selling the works, but the Museum Langmatt in Switzerland said it must do so to avoid insolvency.