The Continuing Legal Saga of Lloyd Webber's Picasso

You thought maybe now that Andrew Lloyd Webber got a favorable court ruling against a Nazi-loot claim for his Picasso, he might put it up for auction, to provide funds for his foundation, as had been originally planned?

Think again.

According to the London Independent, Lloyd Webber will now ask the British High Court to rule on whether he has clear title to "Angel Fernández de Soto."

Ciar Byrne reports:

The charity [Lloyd Webber's art foundation] is seeking a "negative declaration" to prove its ownership. It is estimated the High Court case could take two years to reach a conclusion.

Two years? Who knows where the art market will be by then?

No word from Christie's (I've asked) on whether it intends to seek damages from the unsuccessful claimant in the NY Supreme Court case, Julius Schoeps, for the last-minute withdrawal of the painting (which had been estimated to bring $40-60 million) from the auction house's landmark record-shattering Impressionist/modern sale a year ago. Marc Porter, the auction house's president, had warned at that time: "We reserve the right" to do so.