£3 million fee!
In 2019, pieces by Damien Hirst, Tracey Emin, and Bridget Riley from the singer's bequest were sold at Christie's by the singer's Mill Charitable Trust. It paid out £423,153 last year and £124,619 in 2020, for a total of £547,772, but ran up £ 3 million in costs, leaving £7.46million from the sale
£1.3 million in artistic expenses
Accounts from the Charity Commission show that £1,3 million was spent on art consulting, £802 thousand on commissions, £732 thousand on freight, and £379,500 on advertising and promotion. A video producer cost £5,600, audio and editing cost £3,800, repairs cost £35,338 and "wardrobe" cost £1,635. Christie's said that the money from the sale would "continue George's charitable legacy." George gave to many charities during his life.
The estate is managed by the artist's sisters
The Careless Whisper star, who died on Christmas Day 2016 at the age of 53, helped charities like Childline and Cancer Research. Most of his £97 million estate went to his sisters Yioda, 60, and Melanie, who died in 2019 at the age of 55. Yioda is one of three trustees and the secretary of The Mill Charitable Trust, which George set up in 2009.
Funds to meet emergency demands
Accounts say that the secretary meets with people who want grants and evaluates their cases. "The papers say that the trust's policy is to "maintain unrestricted funds... at a level sufficient to respond to emergency applications." A spokesman for George's estate said, "There were third-party costs that had to be paid in order to sell the works for their full market value." "Those costs are taken into account in the charity's accounts."
The spokesman said that the "principal sum" from the sale had been invested in line with the charity's policy. "The trustees meet regularly to decide how to spend the money that comes from that investment," he said.
Selena Mattei