JP Morgan Wants Your Art. Oh Wait, No They Don't

Monday, September 28, 2009 , , , 0 Comments

Hey JPM, want some JDA art as collateral?
$50 million sounds about right

Taco Dibbits? You really can't make this stuff up LMFAO!!!


US bank JP Morgan Chase has renounced a claim to an artwork that Amsterdam's Rijksmuseum bought from a Dutch multimillionaire who had used it as loan collateral, the two parties said Monday.

The Dutch state, which owns the museum's collection, "concluded an accord with JP Morgan a few weeks ago," Taco Dibbits, the museum's head of collections, told AFP.

JP Morgan Chase "renounced its claim to the piece", he added. "There is now nobody who claims the rights" to the work.

"The bend in the Herengracht" (after a famous canal in Amsterdam), a 17th century work by Dutch painter Gerrit Adriaensz Berckheyde, was acquired by the Rijksmuseum from Louis Reijtenbagh, a wealthy art collector, last September.

After JP Morgan went to court to lay claim to the painting in April, the Rijksmuseum insisted it was the rightful owner of what it described as a "masterpiece of national importance".

The bank confirmed in a statement on Monday that "the legal dispute ... has been resolved and that all claims raised in the lawsuit have been dismissed with prejudice."

Reijtenbagh is reported in the local media to have used the painting with other works of art as collateral for a 50-million-dollar (38 million euro) loan from JP Morgan in 2006 before selling it to the museum for several million dollars last year.

Some 27 million dollars is said to be outstanding on that loan, which has run full term.

Dibbits has said that Reijtenbagh had signed a sales contract that indemnified the museum against any third party claims.

Still LOLing about Taco, frankly. Does this mean JPM is out $27 million? Oh well, I'm sure the taxpayer will be happy to cover that little writedown if need be.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.