Sotheby’s reports record total sale for a private art auction of $922 million.
Amassed over 50 years, Harry and Linda Macklowe collected prime examples of Warhol, Richter, Rothko, and Cy Twombly. All highly notable blue-chip artists that retained high sale numbers following art consultants estimates.
This auction is recognized for its stability in contrast to the shifting enthusiasm in the marketplace for women artist and artist of color, and the global economic turmoil.
The Macklowe’s were reluctant to sell at this time, citing their love of the artwork. However, their divorce settlement in 2018 required it. The Auction provided a healthy indicator that despite the volatility in other markets, the market for high end art remains strong.
“I never thought I’d see a sale of the Macklowe collection,” Harry Macklowe said in a post-sale news conference, reflecting on all the auctions he had attended himself as a collector. “I’m thrilled by it. Not by the economics, but by the quality being recognized by collectors. Everybody endorsing the choices we made over the last 65 years, that was the greatest payback,” he added.
The art world looks forward to seeing the Macklowe’s continue investment and insight to collection and art curation.
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