Linda Macklowe, Anna Brady, Sotheby discussed on The Art Newspaper Weekly


Now auction records have been tumbling in New York over the past two weeks as the major auction houses have held their big sales of the season. Our art market editor Anna Brady has been following the events, and I spoke to her about the big sales and who's buying. Anna, the big sales were last week at Christie's the cook's collection and this week at Sotheby's the macro collection. Can you set the scene with those particular collections? Because they're massive collections, right? Yeah, they're massive and it's probably kind of indicative of this big backlog caused by the pandemic that we've got these two collections coming on the market at the same time. So first of all, the Cox collection, which Christie's announced had got to great fanfare. Now Edwin Cox was a Texas oil man and philanthropist. He died in Dallas last November age 99. And he built up this huge collection of impressionism. It's really sort of impressionism. It included works by Monet, pizarro, Renoir, bonnard, vuillard, dagger, and as well. So this work came up for sale last week. It was a 23 lot sale. It all sold. It was a white glove sale. They call it. And it fetched $332 million, which was above its estimate, quite quite considerably. So Christie's had got this big collection, which was much vaunted. Sotheby's, then were determined to get the other collection, which has been the offing for quite a while. So the collection of Harry and Linda macklowe has been much anticipated. They have been going through this long running and very, very bitter divorce. So to set the scene, the Cox collection, the background to that is probably a lot more simple. You know, he was an elderly man who died. The macula collection comes from this pair who Linda macklowe filed for divorce 5 years ago, from Harry macklowe, who's a big property developer entrepreneur, billionaire. So she filed for divorce 5 years ago, but they've been unable to agree on pretty much anything. And they need the value of their enormous art collection, which they must over half a century. And it was, in fact, mainly driven by Linda, the buying of it. And their valuations of it differed by up to $30 million. So last January, a court said to them, you can't agree on this. So you're going to have to sell it at auction. That's the only way of getting a kind of fair transparent price. These are three limits on that. The judge appointed Michael Finley Corvette galleries as the receiver. So he had to break the sale of 65 of the most valuable works. And last spring findly decided to delay the sale due to the pandemic. But now he really has to do it because they're getting a bit close to the three year limit. So he took it to both Christie's and Sotheby's. And they had to be incredibly competitive about trying to get this cell in. So effectively what that meant is that Sotheby's determined to get this collection because Christie's got the big cocks collection. They kind of had to buy it essentially. They had to put down the word on the street as they put down $695 million worth as a guarantee. So they were guaranteed that they would slowly 65 works for that much in two tranches..

Coming up next