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France Receives $47M in Funding From LVMH and Acquires Caillebotte Painting

from l advisor to bernard arnault, president of lvmh, jean paul claverie, french culture minister rima abdul malak and musee dorsays president christophe leribault look at the painting la partie de bateau by gustave caillebotte, classified as national treasure which has just joined the musee dorsay in paris on january 30, 2023 restricted to editorial use mandatory mention of the artist upon publication to illustrate the event as specified in the caption photo by anne christine poujoulat afp restricted to editorial use mandatory mention of the artist upon publication to illustrate the event as specified in the caption restricted to editorial use mandatory mention of the artist upon publication to illustrate the event as specified in the caption photo by anne christine poujoulatafp via getty images
LVMH Helps France Acquire Caillebotte Painting Courtesy of Anne Christine Poujoulat/Getty Images

Earlier this week, France acquired A Boating Party (1877) by impressionist artist Gustave Caillebotte with the help of $47 million in funding from luxury holdings company, LVMH. The painting will now be held by the Musée d’Orsay in Paris.

The work illustrates an up-close view of a man in the 19th century, clad in a striped shirt and brown waistcoat, rowing a wooden boat along a river. It is the latest addition to the museum's expansive impressionist collection which also includes works by Van Gogh, Manet, and Renoir. The work was sold by Caillebotte’s descendants and an adviser to LVMH’s owner, Bernard Arnault, told the Associated Press that the painting was one of the artist's few major works still held privately.

Arnault and his wife, Hélène Mercier, often appear in ARTNews' top 200 collectors list with nearly $150 billion total worth of assets falling shortly behind Jeff Bezos and Bill Gates. Aside from acquiring artworks for their personal collection, Arnault frequently turns to artists, both past and present, when designing new products or launching campaigns for his luxury goods brands which include Tiffany & Co ., Dior, Fendi, and Givenchy.

In 2021, Beyoncé starred in Tiffany's campaign wearing 200 carats of diamonds in front of a Basquiat painting whose colors were reminiscent of the company's signature blue. Recently, Louis Vuitton launched a collaboration with artist Yayoi Kusama, taking her vibrant patterns and placing them on bags, shoes, and other accessories.

According to ARTNews, the French government’s culture minister, Rima Abdul Malak, called the acquisition of the Caillebotte painting and placement in a museum a “victory.”

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