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National Bank Buys HUF 4.5bn Titian Masterpiece Under Art Collection Scheme – Picture!

2015.07.17.

The National Bank of Hungary purchased a painting by 16th century Italian artist Titian for 4.5 billion forints ($16 million), making it the most valuable piece in the monetary authority’s 100 million-euro art collection programme.

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The central bank bought the piece depicting “Madonna and Child and Saint Paul”, dating back to around 1510, from an unidentified Hungarian collector, according to a statement on the bank’s website. The acquisition is the “most significant work of art discovered in Hungary in the past 50 years,” it said.

The National Bank bought the paintings under a project launched in January 2014, which aims to purchase back major artworks that had, for a variety of reasons, been acquired by foreigners during previous historical periods and to keep valuable artefacts belonging to Hungarian estates within the country by acquiring their ownership, according to the business website portfolio.hu. The programme runs on a HUF 30bn (USD 106m) budget.

The Italian master’s painting, which is the only work by Titian currently in Hungary, is the most valuable piece purchased under the scheme to date.

via bloomberg.com and mandiner.hu
photos: mnb.hu and mandiner.hu