The Victoria and Albert Museum (V&A) in London and the Metropolitan Museum of Art (Met) in New York are both eager to acquire a 12th-century sculpture titled ‘Deposition from the Cross’. The artwork, crafted between 1190 and 1200 in York, illustrates Joseph of Arimathea delicately moving the body of Christ from the Cross, and holds significant cultural importance. It was privatised by Sotheby’s on behalf of the Met a few months ago, contingent on obtaining an export license from the UK. The UK’s Art and Heritage Secretary Stephen Parkinson has now paused the export license, offering the V&A the opportunity to match the Met’s offer of slightly over £2 million. However, it remains uncertain if the V&A can raise the required funds to prevent this important sculpture from going overseas. The sculpture has been described by experts as a “truly remarkable object” for its early dating and skillful woodwork. The piece is directly connected to another fragment which was donated to the V&A in 1949. The rarity of the sculpture is attributed, in part, to its material, believed to be walrus tusk bone. A deadline of February 2 has been set for potential UK buyers to match the Met’s price.
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
