Billionaire Harry Macklowe and his estranged wife Linda are currently in the midst of a contentious divorce. But this couple’s loss is from one point of view the art world’s gain, as now their renowned art collection will be auctioned off by Sotheby’s as a way to resolve a disagreement between them on the true value of their art.
In a solution that will hopefully satisfy both parties, the soon-to-be-exes agreed to sell off their 65 most valuable pieces. Those 65 pieces include works by luminaries such as Andy Warhol, Mark Rothko, and Pablo Picasso. The proceeds will be split 50/50.
Pre-sale estimates value the paintings at around $600 million. That’s $600 million for just 65 pieces of art.
As you can imagine, multiple big auction houses were vying for the chance to handle the sales. Christie’s and Phillips were among those competing for the privilege, but Sotheby’s came out on top. The auction house’s chief executive officer was clear about the significance of the event, describing the Macklowe art collection in a press statement as “one of the most significant collections of modern and contemporary art in the world.”
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