CHRISTIE'S TO SELL LLOYD WEBBER PICASSO MASTERPIECE

IT WAS THE SUBJECT OF A LENGTHY LEGAL BATTLE OVER HOW IT CAME TO BE SOLD DURING THE NAZIS RISE TO POWER IN GERMANY, BUT, NOW A PICASSO MASTERPIECE OWNED BY ANDREW LLOYD WEBBER'S ARTS FOUNDATION IS FREE TO BE AUCTIONED AND IT'S ESTIMATED TO BE PRICED AT £30 TO £40 MILLION. ALL THE PROCEEDS FOR THE PAINTING'S SALE WILL BENEFIT THE ANDREW LLOYD WEBBER FOUNDATION, A CHARITY FOUNDED BY THE CELEBRATED COMPOSER IN 1992. WORKING FOR THE PUBLIC BENEFIT, THE FOUNDATION FOCUSES ON THE PROMOTION OF ARTS, CULTURE AND HERITAGE IN BRITAIN. THE 'EXCEPTIONALLY IMPORTANT AND HIGHLY CELEBRATED' PORTRAIT OF ANGEL FERNANDEZ DE SOTO, ALSO KNOWN AS 'THE ABSINTHE DRINKER', WILL GO ON SALE IN LONDON LATER THIS YEAR, AUCTION HOUSE CHRISTIE'S RECENTLY ANNOUNCED. FOR A LONG TIME, HOWEVER, IT LOOKED AS THOUGH THE SALE WOULD NEVER TAKE PLACE. A PREVIOUS AUCTION AT CHRISTIE'S NEW YORK WAS HALTED IN THE ELEVENTH HOUR AFTER A GERMAN PROFESSOR CLAIMED HIS FAMILY HAD OWNED THE STUNNING PAINTING AND HAD BEEN FORCED TO SELL IT TO THE NAZIS. THE LLOYD WEBBER FOUNDATION DISPUTED THE CLAIM AND A COURT RULED IN ITS FAVOR, SAYING IT COULD NOT BE SUED BY THE PROFESSOR BECAUSE HE WAS NOT APPOINTED TO REPRESENT HIS RELATIVES' ESTATE. THE PAINTING SHOWS DE SOTO, WHO WAS ALSO A PAINTER AND SHARED A STUDIO IN BARCELONA WITH PICASSO, SITTING LANGUIDLY WITH A GLASS AND A PIPE. PICASSO PAINTED IT IN 1903, DURING HIS BLUE PERIOD. LLOYD WEBBER'S FOUNDATION BOUGHT IT FOR £19 MILLION IN 1995 AND IT WAS EXHIBITED AT THE NATIONAL GALLERY AND THE ROYAL ACADEMY. FOUR YEARS AGO THE FOUNDATION DECIDED TO SELL IT AND DONATE THE PROCEEDS TO ARTS CHARITIES. MARK WORDSWORTH, CHAIRMAN OF THE FOUNDATION'S TRUSTEES, SAID: 'THE MARKET FOR A PAINTING SUCH AS THIS IS CURRENTLY SO STRONG THAT THE TRUSTEES BELIEVE THAT TO HAVE SUCH A HUGE AMOUNT OF MONEY LOCKED UP IN ONE PAINTING WHICH COULD BE USED FOR OTHER CAUSES IS HARD TO JUSTIFY.'