The Romanian Government on Wednesday passed the emergency ordinance to complete the sum of EUR 11 M to purchase Constantin Brancusi’s “Wisdom of the Earth”. The regulatory document also sets up a special fund to buy other works of art in the future.
The Government is to pay EUR 10 M to buy the famous sculpture from their current owners by mid-November. About EUR 1 M has been raised by donations following the national subscription campaign.
The special fund to purchase other works of art in the future is based on a similar mechanism that will also include public donations.
The national fundraising campaign for the ‘Wisdom of the Earth’ acquisition was officially launched by the Romanian Gov’t in May and lasted until September 30. The total sum to be raised was EUR 6 M, but only EUR 1,163,034 were raised.