About 250 paintings were sold, including masterpieces by Jan van Eyck, Titian, Rembrandt, Rubens, Raphael, and other important artists.
A special agency called 'Antiquariat' was created under the Narkompros (the People's Commisariat of Enlightenment) and opened an office in Leningrad to oversee the sale.
[2] Franz Zatzenstein-Matthiesen, a young German art dealer, had been asked by the Soviet Government to compile a list of the hundred paintings in Russian collections, which should never be sold under any circumstances.
Gulbenkian asked him to act as his agent on further purchases, but Matthiesen instead formed a consortium with Colnaghi's of London and with the firm patronized most by Mellon, Knoedler's.
The sale remained secret until November 4, 1933, when it was reported in The New York Times that several Hermitage paintings, including the Crucifixion and Last Judgement diptych by van Eyck, had been purchased by the Metropolitan Museum.
In 1937, Andrew Mellon donated the twenty-one paintings, along with the money to build a National Gallery of Art to house them, to the United States Government.
A number of the National Gallery paintings have been loaned to the Hermitage, including Venus with a Mirror by Titian, at the time of the first visit of the President George W. Bush to St Petersburg in 2002.