LISBON, Portugal – Legal wrangles have thwarted debt-heavy Portugal’s attempt to raise cash by auctioning a collection of works by Spanish artist Joan Miró.
The sale of 85 works by the surrealist master was one of the highlights of a two-day auction of Impressionist and modern art in London, beginning Tuesday. But Christie’s called off the sale a few hours before it was due to start, citing legal concerns.
Earlier in the day, a Lisbon judge denied a request from Portugal’s main opposition Socialist Party for an injunction to stop the sale of the public property from a nationalized bank, which was expected to raise at least $48 million. But Christie’s said in a statement the court challenge created “legal uncertainties” that could bring questions about future ownership rights.