Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, May 18, 1990 TAG: 9005180806
SECTION: NATIONAL/INTERNATIONAL PAGE: A/1 EDITION: EVENING
SOURCE: Associated Press
DATELINE: NEW YORK LENGTH: Medium
The Renoir was sold Thursday at Sotheby's to Ryoei Saito, who on Tuesday paid $82.5 million at Christie's for Vincent van Gogh's melancholy "Portrait of Dr. Gachet."
Saito is the chairman emeritus of Japan's second-largest paper company, the Daishowa Paper Manufacturing Corp.
Saito told The Associated Press in a telephone interview today that he had not expected to win the auctions.
"They are world-class, wonderful works," he said.
"Works by van Gogh or Renoir rarely go on sale, so I'm very fortunate. In addition, I think it is wonderful that they will come to Japan," Saito said.
Saito served as president of Daishowa between 1971 and 1982 and is said to remain its de facto leader. Newspapers said two of his children are president and chairman of the company.
His younger brother is state governor of Shizuoka prefecture, where the Saito clan resides and Daishowa has one of its corporate headquarters.
Japanese newspapers said Saito plans to borrow money on his considerable land holdings to pay for the two paintings. He is frequently listed among Japan's richest men. According to the Yomiuri Shimbun newspaper, Saito paid more than $5 million in taxes last year.
Known as a veteran art collector, Saito amassed a substantial collection during the postwar era. However, he had to sell off many works after the oil shocks of the 1970s, when his paper concern hit bad times. Profits have since revived, Japanese newspapers said, enabling him to indulge in his favorite hobby.
by CNB