Sotheby’s auctions over $600 million in McGraw’s divorced artwork

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Sotheby’s company update

Real estate developer Harry Macklowe and his ex-wife Linda (Linda) have collected Alberto Giacometti, Mark Rothko and Saito for decades. A series of works by Cy Twombly is finally up for auction.

Sotheby’s said on Thursday that it had acquired the collections at auctions in November and May. It is estimated that these 65 works may sell for more than US$600 million, including a sculpture of a figure hanging in a cage by Giacometti, which is said to sell for US$70 million or more.

The deal was initially postponed due to the coronavirus pandemic, which would put an end to the fierce divorce of the McClows, which made headlines in the tabloids. The McClows were married in their 20s, and each of them grew up in a middle-class family. They were the main figures in the upper class of New York and became important customers in the art market.

Before the financial crisis broke out in 2008, real estate bets deteriorated, which dealt a particularly severe blow to the family’s finances.McGraw General Motors Building for sale In 2008, in Midtown Manhattan, he defaulted on loans to fund the $7 billion Blackstone acquisition of properties.

Harry Macklowe and Linda Macklowe at an event in 2015 © Nicholas Hunt/Getty

The ending of their marriage is painful.A real estate tycoon Self-posted photos Expressing his love for her with his new wife Patricia Lando on a building on Park Avenue in Manhattan.

After Harry and Linda McGraw were unable to agree on how to evaluate the masterpieces they collected during their marriage, a New York judge ordered the sale of the art collection, one of the couple’s most valuable assets.It will be one of the largest collections at auction, not far from David and Peggy Rockefeller’s $835 million 2018.

Among the works is a painting by Rothko, “No. 7”, created in 1951, featuring color blocks from one of the artist’s most famous patterns. It is nearly eight feet tall and has striking green, lavender, and burnt orange patches. It is expected to bring in more than 70 million U.S. dollars in revenue.

The series also includes Andy Warhol’s Marilyn Monroe black and white silkscreen print “Nine Marilyns”. This work created in 1962 is one of 20 works based on Monroe’s photographs in 1953, and is also one of only six photographs repeated nine or more times. Sotheby’s estimates its price is between 40 million and 60 million U.S. dollars.

“No.” by Mark Rothko 7’©Sotheby’s

“Nine Marilyn” by Andy Warhol © Sotheby’s

Sotheby’s CEO Charles Stewart stated that the series is “the greatest… ever coming to the market. There is no doubt that it will attract top collectors from all over the world, and this auction will It became one of the milestone events that defined the art market and Sotheby’s history.”

Sotheby’s launched a fierce competition for collectibles and eventually defeated other auction houses including Christie’s. It agreed to guarantee the collection, which means that it will step in to purchase any works that have no external bidders. Sotheby’s chairman Mari-Claudia Jiménez declined to say how Sotheby’s guarantees compare to other packages offered by competing auction houses.

As gallerists and auction houses look for signs of a revival in the art market, the McGraw auction may prove to be a key auction.

According to data from UBS and Art Basel, public auction sales in 2020 fell 30% year-on-year to US$17.6 billion, while sales of art dealers fell 20% to US$29.3 billion.this Latest report Analysts from UBS and Art Basel pointed out that although sales have improved from the low point of the pandemic, with the emergence of new variants of the coronavirus, sales in several markets are still uneven.

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