Saturday, October 5, 2013
DIC Sells 'Anna's Light' Painting For Y10.3bn Gain
TOKYO (Nikkei)--The world's largest ink manufacturer DIC Corp. (4631) has completed the sale of a painting by the late Barnett Newman, a leading American artist of the abstract expressionism movement, the company said Friday.
The sale of "Anna's Light" to an undisclosed foreign buyer resulted in a 10.3 billion yen capital gain after broker fees. The company has upgraded its net profit forecast for the year ending Dec. 31 by 6.4 billion yen -- an after-tax gain from the transaction -- to 24.4 billion yen.
DIC said it decided to sell the painting, which had been displayed at the Kawamura Memorial DIC Museum of Art in Sakura, Chiba Prefecture, as part of efforts to strengthen its financial health.
The painting, named after Newman's mother, is said to be among the most prominent of his roughly 200 works. The new owner has pledged to make the painting available for public viewing, according to DIC.
(The Nikkei, Oct. 5 morning edition)