On 28 July 1994, British art dealer Oliver Hoare exchanged Shah Tahmasp’s Shahnameh, a 16th-century Persian manuscript, for Willem de Kooning’s Woman III (1953) on the tarmac of Vienna airport. This deal, considered a “miracle” by Hoare, is chronicled in his posthumous memoir, “The Exchange” (2024)
“Woman III is one of a series of six paintings by de Kooning done between 1951 and 1953 in which the central theme was a woman. It measures 68 by 48 1/2 inches (1.73 by 1.23 m) and was completed in 1953.
In November 2006, the painting was sold by Geffen to billionaire Steven A. Cohen for $137.5 million, making it the third most expensive painting ever sold.” –williem-de-kooning.org
Hoare, who had a lifelong connection to Iranian culture, handed over the manuscript’s text, binding, and 118 miniature paintings to Iranian officials. In return, the Iranians gave up the 1953 painting by de Kooning, a significant work that had once been part of Iran’s Modern art collection.
The Shahnameh is a foundational artifact of Persian culture, composed by the poet Ferdowsi in the 11th century. The 16th-century manuscript, created for Shah Tahmasp, is renowned for its intricate miniature paintings. Despite its historical value, the manuscript was dismembered and dispersed by American bibliophile Arthur Houghton Jr. in 1959.
“The Court of Kayumars is amongst the most admired paintings in the entire Persian repertoire. It depicts a peaceful assembly of diverse peoples surrounding Kayumars, Iran’s mythical first king. The group gathers in an idyllic meadow, watered by a silver spring and studded by jewel-like rocks that are suffused with light and colour.”-Aga Khan Museum
Image: Shahnameh, Courtesy of Aga Khan Museum
The Exchange depicts the events leading to the return of the Shahnameh folios to Iran, in exchange for Woman III. This trade has sparked debate, as Woman III sold for $137.5 million in 2006, while a single Shahnameh leaf sold for $12 million in 2011.
Reported by: The Art Newspaper
Image descriptions by: Aga Khan Museum and Williem-de-kooning.org
