Carmen Thyssen could pay off Borja’s MoraBanc debt by auctioning a painting valued at more than $20 million

The auction of an Edward Hopper painting from Carmen Thyssen’s private collection could raise funds to help address the debt her son, Borja Thyssen, owes to MoraBanc.

The painting, The Martha McKeen of Wellfleet, is due to go under the hammer in New York on 18 November. It is estimated to fetch between $20 million and $30 million, equivalent to as much as €27 million.

The sale was announced on 15 October. Sources close to the baroness’s circle say Carmen Thyssen may be seeking funds for several reasons, including to address the €5 million debt Borja owes the Andorran bank.

La Veu Lliure has learned that Borja Thyssen has responded to a request from the Andorran court through his lawyer. MoraBanc sources say that, as of 3 October, he had not paid any of the debt.

Hopper painting to be sold at Sotheby’s

The painting, titled The Martha McKeen of Wellfleet, was created in 1944 and has been part of the Thyssen-Bornemisza family collection for more than 45 years.

It depicts a seascape off the coast of New England and pays tribute to Hopper’s friendship with Martha and Reggie McKeen, with whom he often went sailing.

The work will be auctioned at Sotheby’s in New York during The Modern Evening Auction. The auction house estimates it could sell for between $20 million and $30 million. According to published information, it is one of only two Hopper paintings of boats still in private hands.

Sale comes amid financial pressure

The intended use of the auction proceeds has not been publicly disclosed. However, sources close to Thyssen’s circle say the baroness may be seeking liquidity to address her son’s debt to MoraBanc.

The auction brings to mind Carmen Thyssen’s decision to withdraw four works from the Thyssen-Bornemisza Museum in 2020. They included another Hopper painting, Mata Mua by Paul Gauguin, and works by Claude Monet and Edgar Degas.

The agreement signed in 2022 to keep her private collection in Spain allowed for certain works to be sold.

Meanwhile, the Carmen Thyssen Andorra Museum is expected to open its new home in the Node building in Andorra la Vella in the first months of 2027, barring unforeseen circumstances.

The space will cover 961.81 square metres across two floors, with a permanent exhibition room and an immersive gallery. Its opening could coincide with Tita Cervera’s return to public life.