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Tuesday, October 15, 2024

Macklowe art collection brings in $676 million at New York auction

An auction at Sotheby's in New York of the Macklowe modern and contemporary art collection brought in $676 million on its first night Monday, including a painting by Mark Rothko that went for more than $80 million, putting it on track to set a new record. 

Macklowe art collection brings in $676 million at New York auction
People look at Alberto Giacometti's "Le Nez", part of The Macklowe Collection, at Sotheby's on November 5, 2021 in New York City. After more than a year, in-person auctions are returning to New York this week with the sale of the exceptional Macklowe collection, reputed to be the most expensive in the world to come onto the market — and buyers are champing at the bit after the pandemic. At renowned auction houses Christie's and Sotheby's, the message is the same: the art market is doing very well. With fall sales estimated to bring in more than $1 billion in a week, starting on November 15, "this is our largest sale season that we've presented since 2015," a record year, said Brooke Lampley, president of the fine arts department at Sotheby's. AFP

Billed as the highlight of the 2021 Fall season in one of the world's auction capitals, the sale lasted more than two hours, during which all 35 pieces were sold, four of them for more than $50 million. 

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Between 200 and 300 people were allowed to attend the sale at Sotheby's headquarters, after several virtual seasons owing to the COVID-19 pandemic. 

Two lots were tipped to be the most expensive items of the evening, but in the end, it was a painting by the American expressionist Marc Rothko (1903-1970), entitled "N ° 7," which won with a sales price of $82.4 million, fees and commissions included, that nudged out "Le Nez" ("The Nose"), a bronze sculpture by Alberto Giacometti (1901-1966).

Both works were purchased remotely by Asian collectors, Sotheby's said. 

In New York, the sale of two paintings by the pop-art master Andy Warhol was also highly anticipated: his famous "Nine Marylins" (1962), a series of faces of the movie star Marylin Monroe, in black and white, was sold for $47.3 million, while a "Sixteen Jackies," depicting Jackie Kennedy, found a buyer for $ 33.8 million.

The sale was the result of a divorce in 2018 of real estate developer Harry Macklowe and his wife Linda Burg, a wealthy couple who had amassed an impressive art collection.

Only 35 of the 65 pieces in the collection were sold on Monday night, with the rest to be sold in the next auction season in the spring of 2022. 

But with $676 million in one night, the total could well surpass the record set by the Rockefeller collection sold in 2018 at Christie's for $835 million.

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