Lloyd Webber calls Picasso claim "utterly spurious"

LONDON, Nov 8 (Reuters) Theatre impresario Andrew Lloyd Webber's art charity has dismissed as ''utterly spurious'' last-minute legal action that threatens the sale of a Picasso portrait worth up to 60 million dollars.

The picture was due to be auctioned by Christie's in New York today, but a US judge temporarily halted the sale of the 1903 painting after German Julius Schoeps sued Lloyd Webber's foundation and laid claim to the picture.

A spokesman for the Andrew Lloyd Webber Art Foundation said yesterday that the claim was ''utterly spurious (and) without legal or factual substance.'' The foundation was not made aware of the lawsuit until Monday morning.

''The Picasso is not owned by a private individual. It is owned by a charity whose principal objectives are to advance the education of the public in the knowledge, understanding and appreciation of the arts,'' he added.

The foundation plans to use the proceeds of the sale for ''charitable objectives''. It bought the picture ''in good faith'' in 1995 for 29 million dollars and has exhibited it publicly in Britain and the United States.

''During the 11 years the charity has owned the picture no one has previously raised any questions about the ownership.'' The painting from Picasso's Blue Period, ''Portrait of Angel Fernandez de Soto,'' has been valued between 40 million dollars and 60 million dollars by Christie's.

Court documents show Schoeps said he was an heir of a Jewish banker from Berlin who was forced to sell the painting in 1934 as a ''consequence of Nazi persecution''.

Lloyd Webber's foundation said the painting was first sold by Paul von Mendelssohn-Batholdy in Berlin on August 31st, 1935.

It was subsequently owned by four other owners before its sale in May, 1995.

It is one of the star lots of Christie's impressionist and modern art sale, which is poised to set a record for the largest ever one-evening take.

REUTERS PB HS0831