Vincent van Gogh's Head of a Peasant Woman in a White Headdress is hung at TEFAF in Maastricht. EPA
Vincent van Gogh's Head of a Peasant Woman in a White Headdress is hung at TEFAF in Maastricht. EPA
Vincent van Gogh's Head of a Peasant Woman in a White Headdress is hung at TEFAF in Maastricht. EPA
Vincent van Gogh's Head of a Peasant Woman in a White Headdress is hung at TEFAF in Maastricht. EPA

Rare Van Gogh fetches millions at Dutch art fair


Marwa Hassan
  • English
  • Arabic

A rare early painting by Vincent van Gogh, known as Head of a Peasant Woman in a White Headdress (Tete de paysanne à la coiffe blanch), has been sold for several million euros at an art fair in the Netherlands.

The sale took place at the annual European Art Fair (Tefaf) in Maastricht, where the painting was listed with an asking price of €4.5 million ($4.9 million).

Bill Rau, president of MS Rau Gallery, confirmed the sale to a museum. He said “It has been sold to a museum outside the European Union.

“We cannot discuss the price,” he said reflecting the gallery's commitment to privacy and discretion in such high-profile transactions.

The painting, which dates back to around 1884, represents a pivotal moment in Van Gogh's career when he lived in Nuenen, a year before he completed The Potato Eaters.

The acquisition by a private museum, which will ensure public access to the artwork, highlights the continued appeal and value of historical pieces in the art world.

The Dutch national news agency ANP said: “Although the name of the private museum was not given, 'it will be accessible to the public',” ensuring that this masterpiece will be enjoyed by future generations.

Tefaf, known for its eclectic collection ranging from Old Masters to modern furniture, has once again demonstrated the art market's resilience.

Hidde van Seggelen, Tefaf's executive board chairman, highlighted the fair's wide-ranging appeal. He said: “What is special about Tefaf is that we cover almost 7,000 years of art history, 7,000 years of human creation. Whether these are living or dead, artists or artisans.”

Bill Rau, president of the MS Rau gallery, next to Vincent van Gogh's painting Head of a Peasant Woman in a White Headdress. AP
Bill Rau, president of the MS Rau gallery, next to Vincent van Gogh's painting Head of a Peasant Woman in a White Headdress. AP

The Rijksmuseum's acquisition of a painting by Gesina ter Borch at the fair further exemplifies the significant interest and investment in historical art by both private and institutional collectors.

The fair not only showcases a wide range of art but also implements strict vetting procedures to ensure the authenticity and provenance of the works, offering certainty to buyers in a fluctuating global market.

The art market's strength is evident in the high-profile sales and the wide array of artworks attracting interest from around the world.

The successful sale of Van Gogh's work at Tefaf Maastricht serves as a testament to the enduring value and appeal of art as both an asset and a source of inspiration, transcending the immediate challenges of the times.

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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  • 400m Olympic running track
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F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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Syria squad

Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
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Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.

'The Lost Daughter'

Director: Maggie Gyllenhaal

Starring: Olivia Colman, Jessie Buckley, Dakota Johnson

Rating: 4/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The biog

Name: Maitha Qambar

Age: 24

Emirate: Abu Dhabi

Education: Master’s Degree

Favourite hobby: Reading

She says: “Everyone has a purpose in life and everyone learns from their experiences”

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Updated: September 24, 2024, 1:02 PM