The Market: Gambit in Graustark

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Liechtenstein, the tiny, 253-year-old principality nestled between Austria and Switzerland, ranks near the bottom of the world's temporal powers. Its boundaries barely encompass 61 sq. mi. But in the art world, little Liechtenstein shines as one of the brightest stars in the firmament. Reason: within its confines is the richest old-master collection still in private hands, including a score of Rubenses and Van Dykes along with Raphaels, Brueghels, Titians and Tiepolos.

The most famous of Prince Franz Josef II's 1,500 oils is Leonardo da Vinci's Ginevra del Bend, a painting that is strikingly evocative of the Louvre's Mona Lisa. It is the only recognized Leonardo not yet on a museum wall. Such may not long be the case. In a front-page story, the New York Times last week reported that Ginevra* had caught the eye of the prince of collectors. Said the headline: $6 MILLION

REFUSED FOR LEONARDO, LIECHTENSTEIN TURNS DOWN OFFER FROM NORTON SIMON.

Pay or Forfeit. There was no denying that California Art Collector Simon was interested. Last summer Los Angeles County Museum Director Richard F. Brown, who has counseled Simon in many of his purchases, went to Liechtenstein to examine the prince's Leonardo in the sunlight of the palace courtyard. Simon is no collector to buy a pig in a poke. Before bidding $2,234,400 for Rembrandt's Titus last March, he had the painting gone over by experts; in fact, earlier, when Titus was still privately owned, he refused to buy it because his advisers were not permitted to examine it thoroughly.

With the Ginevra, Simon had even more reason for caution. Of the world's dozen Da Vinci experts, there are still two or three who question whether it is certainly by Leonardo's hand. Then, especially in the lower portion, it is in less than the pristine condition of the Mona Lisa. So when the prince's agents approached the meticulous millionaire with an offer to sell it for $7,000,000, he insisted that the price be reduced to $6,000,000 and that he have the right to take it to experts outside Liechtenstein for a complete scientific appraisal. To ensure his good faith, Simon was willing to put up $500,000 as a down payment, or as forfeit, should he decide against buying.

Next, $10 Million? At $3,861 per sq. in., Simon was simply playing caveat emptor according to the rules. The prince, currently hard pressed for cash following several unsuccessful business ventures, agreed—but he was in no mood to let his treasure cross his principality's boundaries or risk an adverse verdict. When negotiations broke down, the prince's art dealer, Josef Farago, issued a categorical denial: "The prince would not dream of selling the Leonardo." As for the prince, he was, as one to the manner born, off hunting in Austria. Does this mean that Ginevra del Bend will never leave Liechtenstein? Said a Liechtensteinian noble last week: "Eventually some fool may offer $10 million, and then we'll see."