Last week it was revealed that Hungary has purchased seven works out of the “Sevso Hoard” a notorious collection of Roman-era silver whose beauty was matched only by the number of investors and nations of origin scrambling to decide on its disposition. At the time it seemed a bit curious that only a portion of the treasure was purchased. Now Margit Feher reports on Hungary’s Central Bank. It has some funds set aside buy Hungarian art with a 100m Euro fund. Rather than use diplomacy or the courts, it is the market itself which is the vehicle for returning works:
Hungary’s central bank said in January that it plans to spend 100 million euros ($136.8 million) by the end of 2018 on buying Hungarian works of art that have ended up in foreign hands during the country’s eventful history.
Visual art as well as literature plays a core role to define Hungarian identity. The cultivation of a sense of national togetherness is among the main goals of the current government, in which central bank Governor György Matolcsy, a close ally of the prime minister, served as economy minister between 2010 and March 2013.
“Hungarians have survived throughout the ages because they have been feeding on the 1,000-year-old cultural heritage of the Hungarian Kingdom, the statehood, only morsels of which have survived,” said Mária Prokopp, a professor of Medieval and Renaissance Art at the Eötvös Lóránd University in Budapest.
The goal of the central bank’s art program “is to repatriate the highest possible number of major works of art” to protect and treasure the nation’s cultural legacy, the National Bank of Hungary said. It didn’t say how it intended to finance the program that roughly equals three times its operating expenses in 2012.
- Margit Feher, Hungary Central Bank to Buy Art, Emerging Europe Real Time (2014).