Aug 29, 2013
By Michael Kramer
The Pennsylvania Academy of Fine Arts is selling a rare painting from it’s collection – to start an endowment fund – to buy more contemporary art.
Edward Hopper’s 1934 painting “East Wind Over Weehawken,” has a pre-sale estimate of between $22 million and $28 million for a December auction at Christie’s in New York.
The academy in Philadelphia bought the Hopper painting in 1952 from the artist’s dealer for just $2,750.
The museum will keep it’s other Hopper painting “Apartment Houses,” which it bought from the artist directly in 1923.
According to the Artnet price database, only 22 Hopper paintings have come up for sale at auction in the last 25 years.