"[A]n association called La Peau de l'Ours... had been founded in 1904 by André Level for the express purpose of buying modern art, holding it for ten years, and then selling it for a substantial profit. ...[T]he group acquired 145 works, including ten paintings by Matisse and a dozen paintings and drawings by Picasso. ...[T]he investors believed their undertaking could further the cause of modern art by establishing a sound value for it. ...[T]hey agreed that each living artist would receive 20 percent of the profit from the resale... (Not until 1920 would this resale principle, known as ', be incorporated into French law.)"