An acrimonious divorce of real estate power couples will soon win the art world when the most extravagant collection to ever be auctioned off against bidders starting in November.
The Macklowe Collection Courtesy of developer Harry Macklowe and his ex-wife, Linda has landed at Sothebys, the auction house announced Thursday. With an estimated value of over $ 600 million, the collection will be sold in two parts: the first in November and the second in May.
Sothebys was one of at least three auction houses, including Christies and Phillips, asked to submit arguments for the liquidation, which was ordered by a judge in divorce proceedings after the quarreling couple did not could agree on the value of the collections.
The collection consists of 65 works, currently on display in a gallery on the Upper East Side. The November sale will feature 34 works created in the 20th and 21st centuries, including Rothkos No.7, which is expected to be worth $ 70 million. Another prized piece is Alberto Giacomettis Le Nez, which is expected to fetch a similar sum.
Highlights from the collection will be presented on tour, both virtually and in person, to engage the interest of potential bidders. The pieces are expected to travel to Taipei, Hong Kong, Paris, London and Los Angeles.
The collection could be a boost for the art auction market, which has been hit during the pandemic. Sales fell 30%, from $ 25.2 billion in 2019 to $ 17.6 billion in 2020, according to a recent report.
The collection is an aspect of Macklowe’s fortune which was split in two after a bitter lawsuit between Harry and his ex-wife. Harry Macklowe was able to keep $ 82 million in real estate, but was forced to pay Linda $ 41 million as a result. The couple will share the proceeds from the art auctions equally.
[NYT] Holden Walter Warner
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