Sotheby’s wins fight to sell Macklowes’ $ 600 million art collection

After years of legal wrangling and Covid delays, the legendary art collection of real estate mogul Harry Macklowe and his ex-wife Linda is heading for auction at Sotheby’s and could fetch over $ 600 million dollars.

The collection, which includes prized works by Mark Rothko, Andy Warhol and Alberto Giacometti, has the highest estimate of any collector’s sale in history, Sotheby’s said.

It has also been very controversial. The Macklows fought bitterly in court for its value and its revenue. Then the auction houses and the best dealers fought to sell it.

“The Macklowe Collection stands out as the largest collection of modern and contemporary art ever to market,” said Charles Stewart, CEO of Sotheby’s. “It will undoubtedly captivate the best collectors around the world, and the sale will go down in history as one of the defining events that define the art market and the history of Sotheby’s over the past 277 years. “

The sale went on for years and followed the Macklowes’ divorce in 2016. In 2018, a The Manhattan judge ordered their $ 2 billion in assets and property to be split in half. She also ordered the sale of the art collection and the sharing of the profits, as the couple argued over its value. Harry Macklowe, who built some of Manhattan’s tallest and most expensive residential towers, said the collection was valued at nearly $ 800 million, while Linda Macklowe estimated its value at nearly $ 600 million .

Christie’s, Sotheby’s and many other major New York art dealers have been vying for years to sell the collection. It was scheduled to go on sale last year, but the court-appointed receiver for the collection, Michael Findlay, has delayed the sale due to the pandemic.

Sotheby’s declined to discuss the process of securing the sale, but people familiar with it say Sotheby’s offered a $ 650 million to $ 700 million guarantee. A guarantee means that Sotheby’s agrees to pay the seller a certain price, regardless of any auction prices. The 65 works in the collection will be sold in two separate auctions – November 15 and May 2022.

The Macklows have been passionate and sophisticated collectors for 50 years, bringing together the best works of the biggest names in contemporary and modern art. The two flagship works are expected to gross over $ 70 million each. There is an imposing abstract by Rothko, called “No.7”, which he painted in the seminal year of 1951. Then there is “The Nose” by Giacometti, which is the last of the series to stay between. private hands.

The collection also includes Warhol’s “Nine Marilyns”, his 1962 work celebrating Marilyn Monroe. It is estimated to sell for between $ 40 million and $ 60 million.

A massive 2007 painting by Cy Twombly could fetch $ 40-60 million, while Gerhard Richter’s 1975 work “Seestuck” is estimated at $ 25-35 million.

It’s unclear whether the Macklowe Collection will be the most expensive art collection ever sold. David and Peggy Rockefeller’s collection reached $ 835 million at Christie’s in 2018, but it included furniture, jewelry and other personal items from the Rockefellers. The collection of Yves Saint Laurent and his partner Pierre Berge totaled nearly $ 500 million in 2009.