Divorce art auction raises $676 million in New York

Divorce art auction raises $676 million in New York By Nidhul - November 16, 2021
Divorce art auction raises $676 million in New York

The Macklowe collection went on sale at Sotheby's in New York on Monday

Paintings and sculptures by famous artists including Andy Warhol and Jackson Pollock have sold at auction in New York.

The collection raised more than $676 million (£503m) at auction on Monday.

The 35 pieces belonged to real estate mogul Harry Macklowe and his former wife Linda. The pair were told to sell the collection and split the proceeds during their 2018 divorce trial.

A further 35 pieces of art are set to go up for auction next year.

The items up for sale included "No 7", a painting by Mark Rothko which sold for $82.5m - the second-highest price for a piece by the artist.

It's not clear who the buyer was but according to Reuters news agency, there was fierce bidding among people representing Asian clients.

"Number 17, 1951", a piece by Jackson Pollock, fetched $61.2 million.

Andy Warhol's "Nine Marilyn's" silkscreen, which was made shortly after the actress Marilyn Monroe's death, fetched $48.5 million.

The collection was estimated to be worth $400 million and had toured several locations including Taipei, Hong Kong, Paris and London before returning to New York.

Art dealer Andrew Fabricant told the New York Times that Linda Macklowe was the main collector and he had sold her many pieces that went up for auction on Monday.

"Every single work in here is subtle and unique," he said.

The couple were granted a divorce last year after 59 years together. The pair could not come to an agreement on the value of the artworks and so a judge appointed an administrator to oversee the sale of the items.

Source: BBC

By Nidhul - November 16, 2021

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