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Developer Harry Macklowe's Art Collection Sells for a Record $921 Million Dollars!

Posted By Craig Whitley     November 18, 2021     213 views     1 like     0 comments
During developer Harry Macklowe's 2018 divorce trail, a New York judge forced the sale of Macklowe's art collection so that proceeds could be shared with ex-wife Linda after their divorce.  The first of two auctions was just completed, fetching $921 million dollars.
The Sotheby's auction fetched some record prices for 25 outstanding pieces of art, which included paintings by Mark Rothko, Jackson Pollock and Andy Warhol.

Jackson Pollock's Number 17, a 1951 piece, garnered a new record price for the abstract US artist, selling at $83.4 million.  In its first appearance at an auction, Cy Twombly's large Untitled work of abstract from 2007 illustrating red peonies sold for a staggering $80.2 million.

Other works sold included a 1947 sculpture by Swiss artist Alberto Giacomett titled, Le Nez, the world's most expensive sculptor. It captured a whopping $106.8 million.

Andy Warhol's painting called "Nine Marilyns," a silkscreen from 1962, went for $66.1 million!  Warhol completed it shortly after Marilyn Monroe's death.  The pop artist's "Sixteen Jackies," a memorable tribute to the world famous former US first lady Jacqueline Kennedy in black, white and blue tones, sold for a surprisingly high $46.1 million dollars.

The $921 million fetched for the works that sold covered total sales for 25 pieces.  The auction for the total lot of 65 pieces was split into two different auction dates.  The remaining 40 pieces will be auctioned in May 2022.

This was an all-time record auction for pieces of art.  Prior sales records included the collection of David and Peggy Rockefeller, which garnered a then record $835 million at Christie’s in 2018.  However, it included jewelry, furniture and other personal items owned by the Rockefellers.  By comparison, the collection of Yves Saint Laurent and his partner Pierre Berge totaled nearly $500 million in 2009.

Prior to the Macklowe auction, Harry Macklowe estimated the value of the art sold to be approximately $800 million, while his ex-wife Linda estimated its value closer to $600 million.  The two had collected art for the past 50 years.  I'm assuming they both have to be pleased with the record sale of $921 million, however, I'm not certain if either one of them really wanted to part with such a rare collection.

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