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Alberto Giacometti

Association Giacometti's dwindling funds compel Paris courts to sue

Their problems could be blamed on the troubled stock market or an ongoing lawsuit between the directors and the executor of the bequest

The Paris courts have instituted legal proceedings against the Association Alberto et Annette Giacometti. The association was set up in 1989 at the behest of Annette Giacometti, widow of the sculptor, with the aim of creating a foundation in his name; the latter has suffered many setbacks and has not yet been established. Having made a loss of €37,000 in 2000 and €68,000 in 2001, last year’s accounts are also expected to show a loss. Since most of the association’s income comes from the €3.5 million bequeathed by Annette Giacometti, the Paris court is of the opinion that the results cannot improve because of the general low state of the stock market. It was also remarked that the lawsuit between the directors of the association and Maître Hélène Da Camara, the executor of the bequest, is compromising the association’s recovery. On 28 September 2002, Maître Da Camara, after prolonged arguments with the foundation, auctioned a number of works by Giacometti in order to raise the €6 million required to set up the foundation. The court appointed Maître Carole Martinez the legal administrator of the association. Maître Gilles Pellegrini represents the creditors.

• Originally appeared in The Art Newspaper with the headline "Association Giacometti sued by French court"