Divorce Battle Fetches Most Expensive Art Auction Ever At $9...| MENAFN.COM

Thursday, 11 August 2022 02:15 GMT

Divorce Battle Fetches Most Expensive Art Auction Ever At $922M


(MENAFN- BreezyScroll)

Three years after the high-profile divorce proceedings of New York real estate developer Harry Macklowe and Linda, his ex-wife, their art collection is now the biggest art auction.

All about the $922 million art auction

Over the course of two different sales, Harry Macklowe and Linda's art collection raked a total of $922.2 million. The first batch of 35 artworks was auctioned in November. Jackson Pollock's“Number 17, 1951” went under the hammer for over $61 million, setting a record for his work. A work by Mark Rothko, an abstract artist sold for $82.5 million. On Monday, the last set of 30 works was sold for a total of $246.1 million. The art auction is a 'white glove sale', meaning all works are sold.

“It's a collection that has never been moved (or) touched. Quite often, when we have collections for sale, a lot of it has been sold already, or some (works) are given to museums. Others are given to members of the family,” stated Grégoire Billault. Billault is the chairman of contemporary art for Sotheby 's. The Macklowe collection crossed the previous record for the highest value for a single collection. The Peggy and David Rockefeller Collection reached a total of $835.1 million back in 2018 at Christie's creating history.

More on the expensive divorce settlement

The couple married in their early 20s back in 1959. Through the years, they acquired significant assets, starting shortly after their wedding. As per court documents , this includes an apartment worth $72 million, multiple commercial properties, and a yacht. During their divorce proceedings in 2018, a NY state Supreme court ordered the Macklowes couple to sell all their 65 artworks and split the profits. According to an Artnet report, Findlay, the court-appointed receiver“has decided to pause the process of selecting an auction house because of the current international situation stemming from the COVID-19 virus. In due course, Mr. Findlay will decide when to proceed”.

Art Auction

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