Lloyd Webber to Sell $60 Million Picasso Painting for Charity

Charity News Online

Andrew Lloyd Webber plans to sell a Picasso masterpiece, which could make $60 million that would go to charitable causes, the BBC reported. "The sale of my Picasso masterpiece may not be a Warren Buffett, but hopefully be a mini-buffet," Webber told the BBC, referring to Buffett's recent decision to donate the bulk of his $42 billion fortune to five charitable foundations.

Lloyd Webber bought Picasso's portrait of Angel Fernandez de Soto in 1995 for $33 million. "If the picture sells successfully, it will be fantastic to have a charitable fighting fund with the freedom to support other excellent causes, particularly in the theater and music worlds. I am passionate about the training and education of young performers," Lloyd Webber added.

The painting of Angel Fernandez De Soto dates back to the early 20th century and is expected to make up to $60 million at an auction at Christie's, London, in November.

Andrew Lloyd Webber, Warren Buffet, donation, fundraising