Connect with us

Art

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

Published

 on

Topline

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.

Source link

Continue Reading

Art

Exclusive | Abraham Lincoln painting featured at Hamptons art fair victim of heist: ‘Lessons learned’ – Page Six

Published

 on


[unable to retrieve full-text content]

Exclusive | Abraham Lincoln painting featured at Hamptons art fair victim of heist: ‘Lessons learned’  Page Six

728x90x4

Source link

Continue Reading

Art

Advocates hope digital map makes Toronto art more accessible – CBC.ca

Published

 on


[unable to retrieve full-text content]

Advocates hope digital map makes Toronto art more accessible  CBC.ca

728x90x4

Source link

Continue Reading

Art

Britain behind Europe in arts funding and education, ‘crisis’ report shows – The Guardian

Published

 on


[unable to retrieve full-text content]

Britain behind Europe in arts funding and education, ‘crisis’ report shows  The Guardian

728x90x4

Source link

Continue Reading

Trending