Manila to Sell Part of Marcos Art Collection
The Philippines plans to sell part of the art collection of the late dictator Ferdinand E. Marcos and his wife, Imelda, in auctions in New York early next year, an official said today.
Mateo Caparas, chairman of a presidential commission tracking down the allegedly ill-gotten wealth of the Marcoses, said the collection included Italian paintings and 18th- and 19th-Century English silverware. Christie’s International had been appointed as auctioneer.
The Presidential Commission on Good Government said in March that Manila hoped to raise $20 million by selling paintings, jewels and antique furniture collected by the Marcoses during their 20 years in power.
Stephen Lash, executive vice president of Christie’s, said they are planning two major auctions in New York, probably in January, for the artwork, which is valued at $10 million.
He told reporters that one painting in the collection, attributed to Raphael, could fetch up to $2 million.
Manila claims that the art collection was paid for with money plundered from the Philippine treasury.
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