From the San Francisco Chronicle. Several of the objects in the Friede collection at the De Young will be auctioned to pay off debts to Friede’s family:
The bottom line for the public is that 29 pieces that had been among the 398 on display at the city-owned de Young museum after being donated by New York philanthropists John and Marcia Friede have been removed for sale.
Those 29 are among 124 that had been pledged to Sotheby’s as collateral for a loan to the Friedes. Museum officials were aware that Sotheby’s had a claim to at least 88 of those items before the collection was unveiled at the rebuilt de Young in 2005, court documents show.
“We believe that under these very complex circumstances, we achieved the best possible result for the museum and the public,” said John Buchanan, director of San Francisco’s Fine Arts Museums, which includes the de Young. The “collection at the de Young will continue to be an unparalleled example of the masterworks of Papua New Guinea to be shared with current and future generations.”