$700 M. Macklowe Art Collection Could Head to Auction in Spring 2020: Report

$700 M. Macklowe Art Collection Could Head to Auction in Spring 2020: Report

During divorce proceedings in 2018, New York judge Laura Drager ordered collectors Harry and Linda Macklowe to sell 65 artworks from their holdings, which are collectively worth around $700 million, and to split the proceeds. Now, according to a report by Bloomberg, three leading auction houses—Sotheby’s, Christie’s, and Phillips—have been invited to offer proposals to sell the billionaire couple’s collection.

A date for the auction of works from the Macklowe collection has not been set, but auction houses were reportedly instructed to submit proposals in February after viewing the works in January.

Josh Schiller, an attorney at Boies Schiller & Flexner who represents Harry Macklowe, told Bloomberg that the forthcoming auction will be “a fun event in the spring.”

Harry made his fortune as founder of Macklowe Properties Inc., and the couple’s collection includes works by Pablo Picasso, Andy Warhol, Jackson Pollock, Jeff Koons, Alberto Giacometti, and other marquee names. Warhol’s Nine Marilyns which is estimated to be worth $50 million, and Koons’s bronze Vest with Aqualung is worth around $10 million.

The couple began collecting in 1959 and has since amassed more than 150 works. Judge Drager ruled in 2018 that Linda Macklowe would be able to keep $40 million worth in art while paying have that amount to Harry.

Dealer Michael Findlay, who previously served as head of Christie’s Impressionist and modern art department, is the receiver to sell Harry and Linda collection. Real estate in New York City and the Hamptons, yachts, and other assets are also being divvied up in the widely publicized divorce.


What are your thoughts?