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Friday, 11 December 2009

Again Strange but allegedly true !

BULGARIAN SWAPS 'ORIGINAL' MONET PAINTING FOR 2 TRACTOR LOAN
A painting alleged to be that of legendary French impressionist Claude Monet has been sold in Bulgaria for almost BGN 13 M after being put down as collateral for a USD 319 000 loan for two tractors.
Chude Georgiev, the original owner of the painting, stated that it is certainly authentic and worth EUR 24 M, but according to bank experts and a private bailiff it is fake and probably worth BGN 5000. The case is currently being dealt with in the Sofia City Court and the Supreme Cassation Prosecutor's Office.
At an auction Thursday morning, the private bailiff Stoyan Yakomov, sold the painting for BGN 12,8 M to one of nine private buyers. The painting was given as collateral by Georgiev for a loan from First Investment bank to his friend Alexander Dimitrov. Dimitrov later bought two brand new tractors with the loan. (Georgiev is the leader of the Bulgarian Socialist Workers Party, which has participated several times in local and parliamentary elections and Dimitrov is a close friend of the Communist Finance - Belcho Belchev.)
Georgiev allegedly received the painting from his grandfather, a merchant from Vratsa. Much later he said that he realized that it was from the early period of Monet an took it to be certified. According to him, it was investigated by Western experts, who confirmed that the painting was an original Monet, and invented a name for it: ‘Walk in the mansion’. Georgiev then insured it with DZI for USD 8 M and for the same sum with British insurance company Lloyd's.
Georgiev also said that the Christie's auction house told him that the price of the painting is between USD 15-24. Bulgarian experts, however, including the director of the National Art Gallery Boris Danailov, are explicit that it is fake. They say that the canvas itself is produced in the Soviet Union 50-years ago, and gave it a market price of USD 5000 .
After Thursday’s auction Georgiev, who will receive most of the money from the sale, launched a case in the Supreme Cassation Prosecution he argues that Yakimov is working jointly with First Investment Bank and that the bidder is connected to them. He stated that they will then sell it on for a much higher price to “Western” art lovers. He had also previously tried to stop the auction taking place but failed.
Another theory is that Georgiev is connected to the unnamed bidder who has not yet officially paid the sum over to the bank, and therefore the false price would have stopped the auction. Georgiev is also thought to have recently found a buyer in France who wants to pay him EUR 7 M for the painting.

1 comment:

  1. Again Strange but allegedly true !......... Really Strange!!!!
    Thank you for sharing this post..
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