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Here Are The 10 Biggest U.S. Billionaire Art Purchases. Will Paul Allen’s Collection Make The List?

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2 years ago

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Late billionaire Microsoft cofounder Paul Allen’s art collection is estimated to fetch 10 figures when it goes to auction at Christie’s over two days on Wednesday and Thursday, and will include a 19th century impressionist painting expected to bring in more than $100 million—but that would still be less than what these 10 paintings sold for, the largest art purchases by U.S billionaires ever.

Key Facts

1. and 2. Citadel founder Ken Griffin paid $300 million for “Interchange” by Willem de Kooning in 2016, according to CNN, reportedly purchasing the painting from fellow billionaire David Geffen, along with a $200 million Jackson Pollock painting, “Number 17A” (The paintings, accounting for inflation, would be worth roughly $375.5 million and $250 million today, respectively).

3. Griffin also reportedly purchased “Orange Marilyn,” one of Andy Warhol’s portraits of Marilyn Monroe, in a 2017 private sale for about $200 million from the collection of late publishing billionaire S.I. Newhouse Jr., according to the New York Times (Warhol’s portrait of Monroe would be worth about $242 million today).

4., 5. and 6. Hedge fund billionaire Steven Cohen purchased “Woman III” by de Kooning for $137.5 million in a private sale in 2006, according to the New York Times, and also took home Roy Lichenstein’s “Masterpiece” for $165 million in 2017 and “Le Rêve” by Pablo Picasso for $155 million in 2013, the newspaper reported (The de Kooning would be worth $242 million today, the Lichenstein nearly $200 million and the Picasso $213.7 million).

6. Elaine Wynn, the ex-wife of hotel magnate Steve Wynn, purchased “Three Studies of Lucian Freud” triptych by Francis Bacon for $142.4 million in 2013, which at the time was the most expensive piece of art ever sold at auction according to the New York Times (the triptych would cost $171.9 million in 2022).

7. Cohen also purchased “Flag” by Jasper Johns for around $110.0 million in a 2010 private sale, according to The New York Times (worth about $163.6 million now).

8. Apollo Global Management cofounder Leon Black spent nearly $120 million on one of Edvard Munch’s “The Scream” pastels in 2012, which also set an auction record, according to the Wall Street Journal ($155 million today).

9. In 2006, cosmetics mogul Ronald Lauder purchased Gustav Klimt’s “Portrait of Adele Bloch-Bauer I” for the Neue Galerie, the museum he co-founded in 2001, for a reported $135 million according to the New York Times ($154.8 million today).

Tangent

Art dealer Larry Gagosian purchased a portrait of Monroe from the same series as “Orange Marilyn” for $195 million in May, which made it the most expensive work by an American artist ever sold at auction. It’s still unconfirmed if Gagosian purchased the record-breaking painting for himself or one of his billionaire clients, which include many of the collectors on this list.

Key Background

In August, Christie’s auction house announced it would sell the art collection that belonged to Allen, who died in 2018. The 150 works are expected to fetch in excess of $1 billion, which would make the collection the most valuable single-owner grouping to ever sell at auction. Allen’s collection–which was shrouded in secrecy during his lifetime–spans 500 years of art history and includes artwork from some of the world’s most acclaimed artists, like Sandro Botticelli, Vincent Van Gogh, Pablo Picasso, Georgia O’Keefe and David Hockney. The works up for auction include Georges Seurat’s “Les Poseuses, Ensemble (Petite version)” from 1888 that is estimated at more than $100 million, and “Birch Forest” by Gustav Klimt, valued at more than $90 million. The collection will be auctioned off in New York over two evenings in November.

Big Number

$922.2 million. That’s the record for the most valuable art collection sold at auction, just set in May when artwork collected by Manhattan real estate mogul Harry Macklowe and his former wife Linda throughout their six-decade marriage sold for a collective $922.2 million over two auctions. The two split the proceeds. The most expensive artwork sold from the collection was Mark Rothko’s “No. 7,” which fetched $82.5 million, the second-highest price ever fetched by a piece from the artist at auction.

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Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

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3 days ago

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September 13, 2024

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In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

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Ukrainian sells art in Essex while stuck in a warzone – BBC.com

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2 weeks ago

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September 2, 2024

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Ukrainian sells art in Essex while stuck in a warzone  BBC.com

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Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

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4 weeks ago

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August 18, 2024

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The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

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