Gift and Sale of Art to Benefit Wilshire Boulevard Temple in Los Angeles

Loeb & Loeb represented noted philanthropist and prominent art collector Audrey Irmas in structuring and orchestrating a gift and sale of a piece of art to benefit the expansion of the Wilshire Boulevard Temple in Los Angeles. The painting - Cy Twombly’s “Untitled, 1968 (New York City)” – was donated to Audrey’s private foundation. The Foundation pledged a $30 million gift to the Temple. Loeb’s team then handled all arrangements with Sotheby’s for the auction, including negotiating extraordinary financial terms, premier advertising, catalog placement and marketing for the canvas. It ultimately fetched an artist auction record of $70.5 million. After fulfilling Audrey’s $30 million pledge to the Temple, the balance of the proceeds of the sale will be used toward projects sponsored by her private foundation. Loeb & Loeb worked to creatively structure this complex transaction in the most tax-efficient manner possible, ensuring that our client could do the most good with this work of art.