Sotheby’s Auction: high profile divorce rocks the art market
By Katie Bono
The Sotheby’s Macklowe Collection sale on Monday. Photo: Katya Kazakina.
The art world has finally battled it out for the Macklowe collection following Harry and Linda Macklowe’s high-profile divorce in 2019. The couple’s separation led to a court-mandated liquidation of their extensive modern art collection. The auction was the first of two that resulted in a record-breaking total of $676.1m (with fees) for all 35 works in the collection signalling that the art market is continuing to flourish post-pandemic. New sale records were set for artists Agnes Martin, Jackson Pollock, Robert Irwin, and Michael Heizer
Mr. and Ms. Macklowe collected art voraciously and amassed more works than they could fit in their homes. Ms. Macklowe who is credited with spearheading the collection was reportedly loath to sell what she thought of as her life’s work. The impact of the Macklowes’ hoarded works on the art market is immense; the auction has been deemed one of the most important sales of the decade, on par with the sale of the David Rockerfeller collection.
Agnes Martin, Untitled #44, 1974. Via Sotheby’s.
Mark Rothko’s emotive multi-hued work No. 7 (1951) sold after over eight minutes of bidding. Senior Sotheby’s Director Patti Wong had the winning bid of $77.5m making it the second-highest sale for a Rothko work to date. Another highlight from the night was the sale of Agnes Martin’s Untitled #44 (1974). The striped pastel painting sold for $15.2m, blowing past its $8m estimated sale price. This signals an increase in the valuation of Martin’s work and it will be interesting to see what future sales are like for her body of work.
Frida Kahlo, Diego y yo, 1949 at the Sotheby’s auction on Tuesday. Via Sotheby’s.
This auction is one of six at Sotheby’s this week; Tuesday night’s auction was significant as well due to the sale of a Frida Kahlo work. The painting in question Diego y yo (1949) sold for $34.9 million making it the most valuable work of Latin American art sold at auction. Kahlo's painting is an extremely vulnerable work from late in her career that symbolizes her tumultuous marriage to Diego Rivera. The sale points to a newfound appreciation for Latin American artists - other works by Latin artists Joaquin Torres-Garcia, Armando Reveron, Wilfredo Lam, and Leonora Carringtons sold remarkably well. While it is heartening to see non-White artists and women artists selling well and indicating a more diverse interest in the art market, the auctions are emblematic of the gap between the art world and the real world. The sales come across as out of touch more so than as a meaningful accomplishment for artists or auction-houses.
Bibliography
“Billionaire’s Ugly Divorce Ignites Battle Over Spectacular Art Trove.” James Barron, The New York Times, 30 October, 2019, https://www.nytimes.com/2019/10/30/nyregion/harry-macklowe-divorce-art.html?action=click&module=RelatedLinks&pgtype=Article.
“Frida Kahlo Self-Portrait Sells for $34.9 Million.” Zachary Small, The New York Times, 16 November 2021, https://www.nytimes.com/2021/11/16/arts/design/frida-kahlo-painting-diego-y-yo-auction.html.
“Frida Kahlo Sets a New Auction Record for Latin Art - Beating Out Diego Rivera - at Sotheby’s $283 Million Modern Art Evening Sale.” Annie Armstrong, Artnet, 16 November 2021, https://news.artnet.com/market/sothebys-modern-art-sale-frida-kahlo-latin-record-2035742.
“Macklowe collection auction brings $646m, the highest sale total in Sotheby’s history.” Benjamin Sutton, The Art Newspaper, 16 November 2021, https://www.theartnewspaper.com/2021/11/16/sothebys-macklowe-auction-646m-record.