Blue-chip art from bitter Macklowe divorce brings $676 million at Sotheby's
The First Art Newspaper on the Net    Established in 1996 Sunday, December 22, 2024


Blue-chip art from bitter Macklowe divorce brings $676 million at Sotheby's
Mark Rothko’s No. 7 Sells for $82.5 Million & Alberto Giacometti’s Le Nez Achieves $78.4 Million. Courtesy Sotheby's.

by Robin Pogrebin



NEW YORK, NY.- The divorcing billionaire and his wife fought over it. Auction houses fought over it. And Monday night, bidders fought over it.

An impressive part of the collection amassed over five decades by real estate developer Harry Macklowe and his former wife Linda, an honorary trustee of the Metropolitan Museum of Art, brought a total of $676.1 million, in a testament to the enduring strength at the top of the art market. Brooke Lampley, a Sotheby’s executive, called it “the most valuable single-owner auction ever staged.”

Auction-high prices were set for Jackson Pollock, whose “Number 17, 1951,” from his Black Paintings series, sold for $61 million with fees, and for Agnes Martin, whose “Untitled #44,” featuring slender bands of subtle color, sold for $17.7 million.

Among the evening’s top lots were Alberto Giacometti’s craggy 1964 sculpture “Le Nez” (“The Nose”), which sold for $78.4 million, above the $70 million estimate, and Mark Rothko’s luminous painting “No. 7,” from 1951, which sold for $82.5 million with fees to an unidentifiable Asian bidder. It was the second-highest auction price for a work by this abstract expressionist artist and exceeded its $70 million low estimate.

“It’s a strong market,” said Eugenio López Alonso, the collector and fruit juice heir, as he was leaving the sale Monday. “Top quality always sells.”

The sale, the first of two parts — the second one is scheduled for May — was closely watched as a test of an art market that is slowly emerging from the pandemic. Monday night’s trove had been estimated at $400 million.

Auction sales have been looking for a boost, having declined 30%, to $17.6 billion in 2020 from $25.2 billion in 2019, according to the latest Art Market report, published by Art Basel and UBS, bringing the market to its lowest level in a decade.

The Macklowe collection also signified a shot in the arm for a market that has suffered from a scarcity of top-quality inventory, with demand exceeding supply.

The 35 works offered Monday evening — which ranged from postwar to contemporary, and which all sold — were among the fruits of the Macklowes’ acrimonious divorce proceedings, which resulted in a court-ordered auction.

The bidding was especially vigorous for lots including Philip Guston’s “Strong Light” in his signature pink tones ($24.4 million), and for Gerhard Richter’s vibrant painting “Abstraktes Bild” ($33 million).

Art dealer Andrew Fabricant said that Linda Macklowe was the main collector in the couple and that he had sold her many of the pieces in Monday’s sale.

“She had an abiding love for abstraction, but she also had a great eye for figuration,” Fabricant said. “Every single work in here is subtle and unique.”

Among the major prizes was Andy Warhol’s haunting 1962 “Nine Marilyns,” a metallic silk-screen considered one of his best early serial images. It sold twice — the first time was a bidding error — and ultimately went for $47.3 million. Cy Twombly’s massive 2007 “Untitled” canvas of dripping red peonies sold for $59 million and had the same estimate.

Trends in the market played out in the salesroom, namely the strong buying from Asia, which accounted for 30% of the auction house’s total sales last year.

The Macklowe sale came on the heels of a strong showing of 21st-century works at Christie’s last week, where the market’s growing interest in female artists and artists of color was in evidence. A colorful 1999 abstract painting by Stanley Whitney attracted five bidders and set an auction high for the artist at $1.2 million.

Given the absence of artists of color in Monday’s sale and the scarcity of women — just Agnes Martin and Tauba Auerbach were included — the auction to some symbolized a chapter from the past. “This is the collection of a generation that’s passing — an old white man’s collection,” said Adam Lindemann, the gallerist and collector. “Yes, these things are always going to be great, but is this what a young tech billionaire wants? I don’t think so.”

Dealer Jeanne Greenberg Rohatyn disagreed. “They may be focused on the hot new thing,” she said of young collectors. “But they also want to be part of history.”

Christie’s sale Thursday of the impressionist art collection that belonged to Texas oilman and philanthropist Edwin Cox, who died last year, brought a total of $332 million, over a high estimate of about $268 million; the Getty Museum bought Gustave Caillebotte’s “Jeune homme à sa fenêtre (Young Man at His Window)” from 1876 for $53 million. (After the sale, a Getty curator called it a “masterpiece.”)

The wealthy continue to view art as an attractive asset class, and some are also buying in anticipation of President Joe Biden’s proposed tax increases on those who earn more than $10 million a year.

Thousands flocked to preview the Macklowe collection — which traveled to Taipei, Hong Kong, Los Angeles, London and Paris before returning to New York — knowing it may be their last chance, at least for a while, to see prized works of art before they disappear into private hands.

Given the joy the art brought Linda Macklowe over a half-century, Fabricant described the court-ordered auction as something of a sad conclusion.

“It’s bittersweet,” he said, “that the collection had to be dispersed in this fashion.”

This article originally appeared in The New York Times.










Today's News

November 17, 2021

The Prado Museum presents the latest research on Leonardo's closest circle

Frida Kahlo self-portrait sells for $34.9 million

Blue-chip art from bitter Macklowe divorce brings $676 million at Sotheby's

Hirshhorn presents groundbreaking artist Laurie Anderson's largest US exhibition to date

The 'Fearless Girl' statue is in limbo

Hauser & Wirth presents a newly discovered, never before exhibited, painting by Arshile Gorky.

Greece agrees Parthenon Marbles feud should not strain ties: UK

Hindman Auctions to offer former Chicago entertainment & celebrity journalist Bill Zwecker's collection

Bob Gill, graphic designer who elevated the 'message,' dies at 90

Ketterer Kunst auction includes monumental triptych by Albert Oehlen

Metro Pictures opens final exhibition before its permanent closure at the end of the year.

Franklin Parrasch Gallery opens its first solo show of work by Sylvia Snowden

Exhibition at Kunstmuseum Liechtenstein celebrates the 25th anniversary of the VP Bank Art Foundation

'Marinella Senatore: Make it Shine' on view at Mazzoleni

Masterly Serov portrait leads the Russian Sale at Bonhams London

Polk Museum of Art partners with the Children's Museum of Naples to display new exhibition

A young architect brings an environmental sensibility to a family firm

Spring date set for Broadway revival of 'For Colored Girls'

Terence Wilson, of the reggae band UB40, is dead at 64

Thomas Jefferson statue evicted from City Hall will go to a museum

Yorkshire Sculpture Park opens an exhibition of works by Mark Hearld

1790s rarities, Old West wonders and modern marvels drive Heritage Auctions' US coins auction to $11.4 million finish

Dallas Museum of Art presents 'Bamana Mud Cloth: From Mali to the World'

Wadsworth Atheneum Museum of Art announces Erin Monroe as Krieble Curator of American Paintings and Sculpture

Marina Tabassum, architect of the dispossessed, wins Soane Medal

A Quick How-to Guide for Making a Milk Carton Die Box or Gift box

The 5 Greatest Works of Art Ever

Preparing for Artwork Relocation

Games to play whilst on an art trip

Why Should Couples Shop for Engagement Rings Together?

How to Paint Abstract Art Like a Professional

WHAT IS THE DIFFERENCE BETWEEN SAA-CO1 AND SAA-CO2?




Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 



Founder:
Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
(52 8110667640)

Art Director: Juan José Sepúlveda Ramírez
Writer: Ofelia Zurbia Betancourt

Royalville Communications, Inc
produces:

ignaciovillarreal.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful