Lot Essay
The wealthy businessman Eduard Arnhold and his wife Johanna were among Germanys most important collectors and patrons of art, of both old and modern masters like Degas, Monet and Liebermann. In 1911 Arnhold founded the German Academy in Villa Massimo in Rome, for the winners of the 'Prix de Rome'. His successor, Herbert Gericke - the husband of Arnhold's granddaughter - was director of the academy from 1927 to 1938.