Case Study: Cy Twombly Foundation to Open Museum

In memory of the late mid-century painter Cy Twombly, a foundation he set up has purchased a mansion on the Upper East Side of Manhattan with plans to open a museum and education centre. The Cy Twombly Foundation paid $27.5million for the 5-storey building, located at 19 East 82nd St., a hop and a skip from the Metropolitan Museum of Art. Although Twombly spent most of his adult life in Rome, he was born and raised in the United States and was considered to be one of the most influential and important American painters in the post-Abstract Impressionist movement.

Read an article from The Wall Street Journal detailing the purchase after the jump.

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