Collector Gary Nader is planning to sell $100 million worth of art from his collection in order to launch a new museum dedicated to Latin American art in downtown Miami, Jonathan Kendall of the Miami New Times reports.
Nader, who currently runs a gallery in the city’s Wynwood district, announced in 2014 that he was establishing a 90,000-square-foot institution designed by Mexican architect Fernando Romero. He had placed a bid on a property near Miami Dade College last year, but the project was stalled after it got “caught up in bureaucracy” at the school.
More than one hundred works by artists such as Pablo Picasso, Henri Matisse, Roy Lichtenstein, Damien Hirst, and Fernando Botero––ranging in price from a few thousand dollars to $15 million––will be offered for sale at Art Basel Miami Beach this December. “It’s extremely painful because some of these works have been in my collection for more than twenty years, but I have my priorities," Nader said.