Property of pop artist Robert Indiana with the intention to protect his iconic “LOVE” collection from the 1960s
Pop artist Robert Indiana’s estate has reached a settlement that sustains a longstanding relationship with the Morgan Art Foundation, which holds the copyright on its iconic 1960s series, “LOVE,” to promote and preserve its work, officials said on Friday.
The New York-based Morgan Art Foundation intends to partner with the Maine-based Star of Hope Foundation, which aims to turn Indiana’s island home into a museum to celebrate his work.
As the museum takes shape, the two organizations will work to display Indiana’s artwork in locations across the country.
“We’ve done a lot of good, but it’s been overshadowed by the litigation,” said Larry Sterrs, chairman of the Star of Hope Foundation. Completion of the museum is likely years away, he said.
Indiana’s estate, valued at more than $ 80 million, was implicated in a lawsuit brought by the Morgan Art Foundation. The lawsuit was filed on Vinalhaven Island, 25 kilometers from Rockland, Maine, the day before Indiana’s death on May 19, 2018, at the age of 89.
It accused the reclusive artist’s caretaker and an art publisher of exploiting Indiana and producing forgeries – allegations the couple dismissed. This led to more demands and counterclaims.
Under the agreement, Morgan dropped his lawsuit against the Indiana property and caretaker, but not the art publisher.
It also does not solve a case by the Maine Attorney General alleging the estate paid excessive legal fees during a lawsuit. This lawsuit involves $ 3.7 million paid to four law firms and about $ 400,000 raised by the estate’s personal representative was excessive.
Indiana made art a lifetime, but it’s best known for LOVE, written with two letters in a line and with an inclined “O”.
It has been turned into sculptures around the world and featured on a U.S. postage stamp.
The aim is to exhibit such works of art in a local museum that is to be built in Indiana’s former residence in a converted Odd Fellows Hall, a Victorian-style building, on Vinalhaven. Indiana also had several other properties that could be used for the art museum, art education, and artist-in-residence programs, Sterrs said.
In the meantime, however, the Morgan Art Foundation and the Star of Hope Foundation will work together to bring the artwork to people in places around the world, Sterrs said. Most of the $ 80 million estate cited in court documents comes from the art collection.
“The future looks bright for the Robert Indiana market and legacy, and the property is delighted to have contributed to this success,” said James Brannan, a Rockland attorney for the property.
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This story was released from a news agency feed with no changes to the text. Only the heading was changed.