Topline
The first of two auctions to unload the art collection of New York real estate tycoon Harry Macklowe and his ex-wife Linda fetched $676 million Monday evening, putting the 65-piece trove on track to break the record for the most expensive art collection ever sold at auction after the second half hits the block in May.
Art handlers hang Mark Rothko’s “No. 7”, part of The Macklowe Collection, at Sotheby’s on November … [+]
Key Facts
Of the initial 35 pieces to sell Tuesday, the most expensive was “No. 7,” a colorful painting by Mark Rothko that sold for $82.5 million, the second-highest price ever paid at auction for a work by the artist.
“Le Nez,” a characteristically creepy human-like sculpture by Alberto Giacometti, sold for $78.4 million, while Jackson Pollock’s “Number 17, 1951,” sold for $61.2 million to become the artist’s most expensive work at auction, more than double the low-end of its estimate.
A massive Cy Twombly canvas with bright red peonies, which had never appeared at auction before, realized $58.9 million, and other pieces by Andy Warhol and Jeff Koons also sold for millions each.
Sotheby’s estimated the 65-piece collection could net more than $600 million collectively, which the auction house said is the highest estimate ever placed on a single collection.
The record for the most expensive art collection sold at auction belongs to that of late banker David Rockefeller, whose art hoard sold for $832 million after it was estimated to fetch only around $500 million.
The second half of the Macklowe’s trove will go to auction in May 2022.
A person walks past Alberto Giacometti’s “Le Nez,” part of The Macklowe Collection at Sotheby’s
People stand in front of Cy Twombly’s “Untitled.”
Tangent
Harry Macklowe is often reported to be a billionaire, but in 2019 Forbes estimated he and Linda had a collective net worth of between $900 million and $1.1 billion. After their divorce, a judge ordered the couple to split their fortune, leaving each with between $450 million and $550 million, Forbes estimated.
Art hangers adjust Andy Warhol’s “Nine Marilyns” on display.
Artworks from The Macklowe Collection, one of the most important collections ever to come to market, … [+]
Key Background
During their 57 year marriage, the Macklowes collected pieces by some of art’s most well-known and expensive contemporary and modern artists. Harry Macklowe was a developer behind some of Manhattan’s most notable properties like 432 Park Avenue, a skyscraper on New York’s Billionaires’ Row that was the tallest residential building in the world when it was completed in 2014.
Andy Warhol’s ‘Sixteen Jackies,” left, and Jeff Koons’ “Baccarat Crystal Set” are on display at … [+]
Further Reading
Real Estate Mogul Harry Macklowe And His Ex-Wife’s Art Trove Could Net Over $600 Million At Auction (Forbes)
Why ‘Billionaire’ Real Estate Mogul Harry Macklowe Is Not Really A Billionaire (Forbes)
