Financier George Allen Weiss, who filed for bankruptcy earlier this year, is attempting to sell a valuable Claude Monet painting from the famous "Water Lilies" series for $36.5 million to help pay down his substantial debts. The artwork, titled "Nymphéas" and created between 1914 and 1917, measures 53⅛ by 57½ inches and is currently awaiting approval for sale from the U.S. Bankruptcy Court for the Southern District of Florida.
Weiss, who has been described as a pioneer in the hedge fund industry, filed for personal bankruptcy in June, several months after a federal judge ruled that he was liable for more than $100 million in debt. This debt is connected to his hedge fund, Weiss Multi-Strategy Advisers, which owes that substantial sum to Jefferies Strategic Investments. The fund itself, which was founded in 1978 and was once valued at $2.3 billion, filed for bankruptcy in 2024.
The Monet painting is being held through Weiss's company, GW Crown Holdings LLC, and the proposed sale is intended to cover $123 million in debt owed to Bank of America. According to court filings, an unnamed buyer represented by attorney Jennifer Morris has agreed to purchase the artwork for the asking price. However, the sale remains subject to qualified bids and could potentially go to auction at the Miami offices of law firm Venable LLP if necessary.
In addition to the debt to Bank of America, Weiss has listed a $180 million claim from the Internal Revenue Service in his bankruptcy petition, though he is currently disputing this amount. The complex financial situation highlights the dramatic fall of what was once a highly successful investment firm and its founder's extensive art collection.
The sale has drawn scrutiny from Jefferies Strategic Investments, which filed a limited objection on Friday asking the court to compel Weiss to reveal the identity of the prospective buyer. The firm referenced the sale of another comparable Monet "Water Lilies" painting, also titled "Nymphéas" and created during the same period (1914-17), which previously belonged to Sydell Miller and sold for $65.5 million at a Sotheby's evening sale last November after a 17-minute bidding war.
Jefferies argued that Weiss should be required to prove that the buyer is not an insider and has not directly or indirectly agreed to provide consideration, other than customary brokerage fees, to any party other than the debtor. This objection suggests concerns about potential conflicts of interest or arrangements that might not serve the best interests of creditors. A hearing on this motion is scheduled for Tuesday, where the court will determine whether additional disclosure requirements are necessary before approving the sale.
