Posted by GuruBlue on Sunday, October 12, 2008 at 12:13pm.
Finally heard from my son; he wanted to check the answer to your ART question
"The first american painting to reach the million mark was "Three Flags" by Jasper Johns. It was purchased by the Whitney under the director Tom Armstrong (worked with him). It was priced at exactly 1 million, the owners the Tremaine family were notoriously suspicious of museums, felt they only thought of the blockbuster aspect of shows and objects, so it went to market rather than as a gift to a museum. The dealer Arne Glimcher contacted Armstrong of the availability and price of the work. It was considered an amazing painting that was being sought by all of the museums, including the National. Armstrong convinced Leonard Lauder (of Estee) of the importance of the aquisition, Lauder was at that time a major board member of the museum, and between the two of them gathered the funds together. It hit the press, but awe and outrage. Now it looks like chump change for a brilliant purchase"
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