{"id":1324,"date":"2021-11-17T11:21:28","date_gmt":"2021-11-17T03:21:28","guid":{"rendered":"https:\/\/www.atelierauction.com\/globalupdates\/?p=1324"},"modified":"2021-11-17T11:21:28","modified_gmt":"2021-11-17T03:21:28","slug":"quality-triumphs-macklowe-collection-brings-in-676-1-m-at-sothebys","status":"publish","type":"post","link":"https:\/\/www.atelierauction.com\/globalupdates\/artist\/quality-triumphs-macklowe-collection-brings-in-676-1-m-at-sothebys\/","title":{"rendered":"\u2018Quality Triumphs\u2019: Macklowe Collection Brings in $676.1 M. at Sotheby\u2019s"},"content":{"rendered":"

In one of the art market\u2019s most widely anticipated auctions, the first portion of the collection of divorcing New York real estate developers Harry and Linda Macklowe fetched a collective $676.1 million at Sotheby\u2019s on Monday evening in New York.<\/p>\n

The entire grouping of 35 works was backed by the auction house with a guarantee, with each lot sold by the sale\u2019s end. 21 lots came to the sale with irrevocable bids. The group of works soared over its estimated haul of $439.4 million-$618.9 million. It was the first swathe of 65 total works from the Macklowes\u2019 holdings\u2014which are being sold as part of a court order issued during the couple\u2019s divorce proceedings\u2014 to be offered at the house\u2019s New York headquarters. A second standalone sale devoted to the remaining works\u00a0is set to take place in May.<\/p>\n

Sotheby\u2019s veteran auctioneer Oliver Barker took to the rostrum on Monday to lead the sale, which lasted an hour-and-a-half. Taking place in the house\u2019s York Avenue sale room on the auction house\u2019s redesigned stage, a tightly packed room full of audience members attended. Pace gallery\u2019s Mark Glimcher and London dealer Francis Outred, as well as art advisor Jude Hess were present. The energy in the room among specialists and onlookers was tense, as pressure mounted over the postwar trove that had been keep together for nearly five decades.<\/p>\n

Among the works that fetched the highest price was\u00a0Mark Rothko<\/a>\u2019s\u00a0No. 7<\/em>\u00a0(1951), featuring stacked blocks of nude pink, chartreuse, and orange sold for $82 million. Coming to the sale with an irrevocable bid, it hammered at $77.5 million, going to a bidder on the phone with Sotheby\u2019s chairman of Asia, Patti Wong, who triumphed over a New York bidder to win it. It is the second most expensive work by Rothko to sell on the open market. It nearly exceeded the abstract expressionist\u2019s auction record of $86.8 million, set in 2012 when\u00a0Orange, red, yellow<\/em>\u00a0(<\/em>1961) sold at Christie\u2019s.<\/p>\n

A bronze sculpture by\u00a0Alberto Giacometti<\/a>\u00a0titled\u00a0Le Nez<\/em> (1947), of a bust with an elongated nose that hangs suspended in an open steel cage sold for $78 million. Just two bidders on the phone with David Schrader, head of private sales and a representative from the house\u2019s chairman\u2019s office in Hong Kong, Yonnie Fu, competed for the work. It hammered with Fu\u2019s client at $67 million, below its high estimate of $70 million.<\/p>\n

\n
\n
\n
\"Alberto<\/div>\n<\/div>
Alberto Giacommetti,\u00a0Le Nez<\/em>, 1947.<\/span>SOTHEBY’S<\/p>\n

<\/cite><\/figcaption><\/figure>\n<\/div>\n

A second record was set for Jackson Pollock, whose\u00a0Number 17<\/em>\u00a0(1951), a black spattered painting on a beige canvas, sold for a staggering $61 million, more than double the $25 million estimate. It exceeded the artist\u2019s previous auction record of $58.4 million, set in 2013 for\u00a0Number 19<\/em>\u00a0(1948) at Christie\u2019s New York. Additional artist records were set for Robert Irwin and Michael Heizer.<\/p>\n

Another big-ticket item that came to the sale with an irrevocable bid was\u00a0Cy Twombly<\/a>\u2019s billboard-sized canvas\u00a0Untitled<\/em>\u00a0(2007), featuring red flower forms on an off-white background. The painting exceeded its $40 million high estimate, selling for $58.9 million and going to a bidder on the phone with Sotheby\u2019s Mexico City office representative Lulu de Creel.\u00a0Andy Warhol<\/a>\u2019s\u00a0Nine Marilyns<\/em>\u00a0(1962), a black and white silkscreen depicting nine repeated publicity photographs of Marilyn Monroe sold for $48.5 million, against an estimate of $40 million.<\/p>\n

One of the most suspenseful bidding spars of the night was for a work by Agnes Martin. The long-undervalued artist\u2019s untitled white-striped canvas from 1974 made 3 times its low estimate of $6 million, finding a buyer on the phone with Wong for $17.7 million with premium. She triumphed over New York specialist Bame Fierro March bidder for it. That sum exceeded Martin\u2019s auction record of $10.6 million, which had been set back in 2016 when her monochrome canvas\u00a0Orange (Grove)<\/em>, 1956 sold at Christie\u2019s New York.<\/p>\n

Among the more irreverent works from the collection that outpaced expectations was Phillip Guston\u2019s painting\u00a0Strong Light\u00a0<\/em>(1976). Depicting two sets of entwined legs illuminated by a green bulb sold for $24.3 million to a last minute bidder on the phone with Sotheby\u2019s head of contemporary art sales in Hong Kong, Alex Branczik. It made 4 times its low estimate of $8 million. Warhol\u2019s electric blue painting\u00a0Sixteen<\/em>\u00a0Jackies\u00a0<\/em>(1964)<\/em>, a grid of 16 vignette portraits of Jackie Kennedy sold for $33 million, double the estimate of $15 million.<\/p>\n

\n
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\n
\"Ct<\/div>\n<\/div>
Cy Twombly,Untitled<\/em>, 2007.<\/span>SOTHEBY’S<\/p>\n

<\/cite><\/figcaption><\/figure>\n<\/div>\n

The $600 million Macklowe sale came to the market with the highest estimate ever placed on a single collection at auction. It is on track to rival Rockefeller collection sale at Christie\u2019s in 2018, which made $832 million, against an estimate of $500 million.<\/p>\n

Despite some doubt that the market would embrace postwar works that have fallen out of demand among today\u2019s top collectors and institutions, the Macklowe collection sale exceeded expectations. According to market experts, it is the fact that the collection had been kept intact for so many years, boasting a provenance record tied honorary Metropolitan Museum of Art trustee, Linda Macklowe, that allowed the works to prevail on the auction block. Though long periods of intense bidding between New York and Hong Kong muted the atmosphere throughout the sale, Barker explained the evening\u2019s dynamic was driven by, \u201cvery considered bidders.\u201d It is that level of discernment with which the collection was put together, New York art advisor Erica Samuels observed, that was also reflected in the night\u2019s bidding. \u201cThe time we\u2019re in right now is art as an asset class. The best in class are lifting the highest,\u201d she said, \u201cQuality triumphs<\/a>.\u201d<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

Source\uff1ahttps:\/\/www.artnews.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"

In one of the art market\u2019s most widely anticipated auctions, the first portion of the collection of divorcing New York real estate developers Harry and Linda Macklowe fetched a collective $676.1 million at Sotheby\u2019s on Monday evening in New York. 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