Billionaire's $4m to Moma

Bloomberg reports that Billionaire investor Richard Chandler is helping his mother break into Manhattan's clubby art scene by spending up to $4 million on a 14,000-square-foot art gallery that sells her paintings. Chandler, 49, considers the two-story gallery, set to open this fall, an investment, not a gift. "I have provided a loan,'' he said in an e-mail. "I anticipate being repaid in the fullness of time.'' Self-taught artist Ana Tzarev, 72, signed a 10-year lease for the space at 24 W. 57th St. with an approximate annual rent of $2 million and renovation costs between $3.5 million and $4 million, according to a broker familiar with the project. Tzarev declined to confirm the rent or construction estimate. According to Forbes magazine's 2008 billionaires list, Chandler and his brother, Christopher, are tied as the 707th richest men in the world, each worth an estimated $1.7 billion. Tzarev's large-scale, hot-hued paintings were inspired by travels to Asia, Africa, Hawaii and other far-off locales. Her influences include Matisse's colorful palette and Van Gogh's brushwork. Prices will range from $20,000 to $500,000. For full source and full article click the Headline). Irish Art