In the most important single acquisition in the history of modern art in Scotland, and a landmark deal for the UK, the art dealer and collector Anthony d'Offay yesterday sold his collection of more than 700 modern and contemporary art works to the nation. The price was £100m less than they are worth on the open market.
Three years since The Herald first reported Mr d'Offay's intention to part-sell, part-gift the collection, known as the Artist Rooms collection, to the public, it was announced in Edinburgh that paintings, photographs, drawings and sculptures by 32 artists, including Andy Warhol, Gilbert & George, Damien Hirst, Ron Mueck, Jeff Koons and Diane Arbus, will now be in the joint ownership of the Tate in London and the National Galleries of Scotland.
A new £5m endowment fund will also seek to acquire further work for the collection, focusing on emerging young artists.
Mr d'Offay, 68, has been "in love" with Scotland since his days as a student at Edinburgh University and since he closed his offices in London in 2001, he has striven to make sure they could be part of the National Galleries of Scotland.
In the deal - which will see the more than 700 works not only exhibited in London and Edinburgh but also Aberdeen, Glasgow, Inverness, and Orkney, as well as regional galleries in England, Wales and Northern Ireland - Mr d'Offay will receive £26.5m for his donation, the amount he paid for the works.
Christie's and Sotheby's have both independently judged the collection to be worth around £125m. The Scottish Government and the Department for Culture, Media and Sport in London have each donated £10m to buying the works. The National Heritage Memorial Fund is also providing £7m and the Art Fund £1m.
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