Art

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

Published

2 years ago

November 9, 2022

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).

A gallery technician at Sotheby’s auction house views ‘The Scream’ by Edvard Munch on April 12, 2012 … [+] in London, England.

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“Orange Marilyn” on display at the Grand Hyatt Hotel Hong Kong in 2006.

South China Morning Post via Getty Images

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.

A visitor looks at the painting “Woman III ” by Willem De Kooning during a media preview on April 1, … [+] 2009 at Sotheby’s.

AFP via Getty Images

A visitor stands in front Roy Lichtenstein’s “Masterpiece” during a press preview the 2013 artist … [+] retrospective at Tate Modern in London.

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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.

Francis Bacon’s “Three Studies Of Lucian Freud” at Christie’s auction house in London in 2013.

Corbis via Getty Images

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.

A visitor stands on a ladder to observe Pablo Picasso’s painting “Le Rêve” from 1932 ahead of a 1955 … [+] exhibition in Germany.

picture alliance via Getty Images

A Christie’s employee poses with Jasper Johns’ “Flag” ahead of its 2010 auction (Billionaire Steven … [+] Cohen privately purchased a larger and earlier version before the sale).

PA Images via Getty Images

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Art

A misspelled memorial to the Brontë sisters gets its dots back at last

Published

4 weeks ago

September 26, 2024

Anne Joseph

LONDON (AP) — With a few daubs of a paintbrush, the Brontë sisters have got their dots back.

More than eight decades after it was installed, a memorial to the three 19th-century sibling novelists in London’s Westminster Abbey was amended Thursday to restore the diaereses – the two dots over the e in their surname.

The dots — which indicate that the name is pronounced “brontay” rather than “bront” — were omitted when the stone tablet commemorating Charlotte, Emily and Anne was erected in the abbey’s Poets’ Corner in October 1939, just after the outbreak of World War II.

They were restored after Brontë historian Sharon Wright, editor of the Brontë Society Gazette, raised the issue with Dean of Westminster David Hoyle. The abbey asked its stonemason to tap in the dots and its conservator to paint them.

“There’s no paper record for anyone complaining about this or mentioning this, so I just wanted to put it right, really,” Wright said. “These three Yorkshire women deserve their place here, but they also deserve to have their name spelled correctly.”

It’s believed the writers’ Irish father Patrick changed the spelling of his surname from Brunty or Prunty when he went to university in England.

Raised on the wild Yorkshire moors, all three sisters died before they were 40, leaving enduring novels including Charlotte’s “Jane Eyre,” Emily’s “Wuthering Heights” and Anne’s “The Tenant of Wildfell Hall.”

Rebecca Yorke, director of the Brontë Society, welcomed the restoration.

“As the Brontës and their work are loved and respected all over the world, it’s entirely appropriate that their name is spelled correctly on their memorial,” she said.

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Art

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

Published

1 month ago

September 13, 2024

Harry Miller

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.