Hailed as "the greatest collection of modern and contemporary art ever to come to the market" by Sotheby's CEO Charles F. Stewart, the Macklowe collection is set to be sold at Sotheby's in two separate sales, one on 15 November and one in May 2022 in New York. Comprising 65 works from the most lauded artists, and estimated to fetch approximately $600 million (£435 mil), the highest estimate for a single-owner collection, the Macklowe collection spans the 1940s to the 2010s.
Although the sale is certainly a celebration of some of modern and contemporary art's finest achievements, the reason for the collection coming to auction is far less joyous. Harry Macklowe, the billionaire New York real estate investor, and his wife Linda were married for over 50 years until 2016, when the couple split in a high-profile divorce. With billions at stake, the couple was court ordered to sell their art collection, but both sides failed to come up with similar valuations for the artworks, which was settled by a third-party mediator. Though Christie's, Sotheby's and Phillips vied for the opportunity to sell the massive collection, Sotheby's announced on 9 September in a livestream broadcast that the house would exclusively offer the collection. It stands to rival the estate of Peggy and David Rockefeller, auctioned by Christie's in 2018 for a total of $835 million (£605 mil).
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“The Macklowe Collection is a collection formed as the result of decades of rigorous, fearless and informed pursuit," said Brooke Lampley, Sotheby’s Chairman & Worldwide Head of Sales for Global Fine Art. "The works are not only defining masterpieces of each artist’s aesthetic, they also speak to our emotions, our intellect and the daunting complexities of the human condition. The rarity, power and exceptional quality of Giacometti’s Le Nez – a fundamentally modern work – sets the tone for the entire collection, which continues, without pause, through to works created in the last decade."
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One of the two top lots of the collection is Le Nez, a whimsical sculpture by Alberto Giacometti and considered one of his most important works. The bronze head with protruding nose suspended in a cage displays the sculptor's fascination with depicting humanity through the lens of surrealism and existentialism. The work carries a staggering $60-80 million (£43-58 mil) estimate, though, historically, three sculptures by Giacometti have topped the $100 million mark (£72 mil).
The other lot with the same estimate is Mark Rothko's No. 7 from 1951, a characteristic colour block painting divided into shades of rose, mustard yellow and orange. The monumental work is from Rothko's most prolific decade, the 1950s, from which many of his museum-held work derive.
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Marilyn Monroe has forever been immortalised in Andy Warhol's screenprints, arguably his most iconic works. From 1962, the year Marilyn passed away at the age of 36, Nine Marilyns marks a pivot moment in Warhol's career, when he portrayed his fascination with celebrity, pattern, pop culture and screenprinting. The black-and-white publicity print from her 1953 film Niagara was repeated nine times here and of the six he made with this number, only two are still in private hands, making this work exceedingly rare on the market. It is estimated at $40-60 million (£29-43 mil).
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An 18-foot Cy Twombly masterpiece draws inspiration from a 17th-century Japanese haiku and is a part of a six-painting series titled A Scattering of Blossoms. The bleeding, bright-red peonies pop against the pale green canvas, a striking combination that captures his almost graffiti-like aesthetic. The work also carries the impressive estimate of $40-60 million (£29-43 mil).
Other highlights from the collection include Gerhard Richter's Seestück,($25-35 million or £18-25 mil), Pablo Picasso's Figure (Projet pour un monument à Guillaume Apollinaire) ($15-20 million or £10.9-14.5 mil), and Willem de Kooning's Untitled XXXIII ($12-18 million or £8.7-13 mil), as well as works by Jeff Koons, Brice Marden, Agnes Martin and Sigmar Polke.
