New York, 17 November 2021 - Sotheby's November evening auction of The Macklowe Collection achieved a historic $676.1 million, the most valuable single-owner auction ever staged and the most valuable auction ever held at Sotheby's. In a dynamic saleroom with more than 300 attendees and a worldwide audience generating a further one million views online, the highly anticipated sale of 35 works etched its name into history, far exceeding its pre-sale estimate of $439.4 to 618.9 million.
The sale was 100% sold, a white glove result, as collectors from around the world competed for museum-quality works that together chart the greatest artistic achievements of the last 80 years. Two works exceeded $70 million, four works sold for more than $50 million, 12 works sold for over $20 million, and 20 works sold for more than $10 million. Nearly 70% of works sold for prices in excess of their high estimate, and the sale set a record average lot value of $19.3 million.
"The Macklowe Collection is a compendium of masterpieces like no other, its visceral and intellectual power proved completely irresistible to collectors the world over," said Brooke Lampley, Sotheby's Chairman and Worldwide Head of Sales for Global Fine Art. "The market raised its hand tonight, not just for masterworks, but to honor the art of collecting at its highest level," added Mari-Claudia Jimenez, Sotheby's Chairman and Worldwide Head of Business Development for Global Fine Arts.
Registrants came from 25 countries, with bidding from Asia on many of the top lots, including Willem de Kooning's Untitled XXXIII, Agnes Martin's Untitled #44, Mark Rothko's No. 7, Gerhard Richter's Sammler Mit Hund, and Alberto Giacometti's Le Nez, which sold to a collector in Asia. Bidding ran deep throughout, with as many as six bidders on certain works, and four auction records were achieved on the evening, for Agnes Martin, Jackson Pollock, Robert Irwin, and Michael Heizer. Pre-sale exhibitions in eight locations around the world, spanning Asia, North America, and Europe, attracted more than 27,000 visitors.
| Lot | Estimate | Price realized |
|---|---|---|
| Mark Rothko, No. 7 (1951) | Not disclosed | $82.5 million |
| Alberto Giacometti, Le Nez | Not disclosed | $78.4 million |
| Jackson Pollock, Number 17, 1951 | $35 million (high) | $61.2 million |
| Cy Twombly, Untitled | $40 to 60 million | $58.9 million |
| Andy Warhol, Nine Marilyns | Not disclosed | $47.4 million |
| Andy Warhol, Sixteen Jackies | $15 to 20 million | $33.9 million |
| Gerhard Richter, Abstraktes Bild | $20 to 30 million | $33 million |
| Pablo Picasso, homage to Guillaume Apollinaire | Not disclosed | $26.3 million |
| Sigmar Polke, Rasterbild mit Palmen | Not disclosed | $21.5 million |
| Agnes Martin, Untitled #44 | $8 million (high) | $17.7 million |
Mark Rothko's transcendent masterpiece No. 7 from 1951 made $82.5 million following an eight-minute bidding battle, the second highest price for the artist. "A perfect symphony of color, light and scale, this painting stands shoulder to shoulder with the greatest works the artist ever painted," said Gregoire Billault, Sotheby's Chairman for Contemporary Art. Alberto Giacometti's powerful sculpture Le Nez realized $78.4 million, selling to a collector in Asia and marking one of the highest prices ever achieved for the artist. Of the eight examples of this work that were created, only three, including Le Nez, remain in private hands, and no other example has ever appeared at auction.
Spirited bidding for Jackson Pollock's Number 17, 1951 drove the work to $61.2 million, an auction record for the artist and more than double its $35 million high estimate. Notable for its scale, this painting is from the group of works known as the Black Paintings. In its world auction debut, Cy Twombly's gargantuan Untitled painting made $58.9 million, the third highest price for the artist. Of the six canvases from the series known together as A Scattering of Blossoms, this is the only one to have come to auction.
Andy Warhol's Nine Marilyns realized $47.4 million, while a second work, Sixteen Jackies, sold to applause in the sale room for $33.9 million, pulverizing its estimate of $15 to 20 million. Gerhard Richter's Abstraktes Bild, with its kaleidoscopic coloration and richly textured surface, surpassed its high estimate to sell for $33 million. A sculpture by Picasso, an homage to his friend the great poet Guillaume Apollinaire, achieved an above-estimate price of $26.3 million.
Sigmar Polke's Rasterbild mit Palmen achieved $21.5 million after being pursued by five bidders for over five minutes, marking the second highest price for the artist. It was offered alongside two other works by the artist, making for a combined total of $26.4 million. Five bidders locked horns for Agnes Martin's Untitled #44, selling for a record $17.7 million, more than double its $8 million high estimate, to Patti Wong bidding for a client on the phone.
"Tonight, I felt a real synergy with the works we were offering. Each one of them marked a highpoint in the artist's career, just as the sale marked an unsurpassable highpoint in mine," said Oliver Barker, Sotheby's Chairman, Europe, and auctioneer for the evening's sale. The Macklowe Collection returns to Sotheby's in May 2022.
(Press Release)
