The late co-founder of Microsoft, Paul Allen, had a treasure trove of works of art from the past 500 years.
Several pieces sold for three or four times their estimates, and Vincent van Gogh, Gustav Klimt, and Edward Steichen all set new auction records.
When another 95 items from the Allen collection go up for auction Thursday morning, the total amount sold will go up even more.
Christie’s sold 60 pieces from the Paul G. Allen Collection on Wednesday night for more than $1.5 billion, as wealthy collectors from all over the world put their worries about the economy and cryptocurrencies aside to buy “trophy” artworks.
Breaking News: The art collection of Paul Allen, a Microsoft co-founder, topped $1 billion, making it the biggest sale in auction history. https://t.co/bJND6EMsmM
— The New York Times (@nytimes) November 10, 2022
Five paintings sold for more than $100 million. Georges Seurat’s “Les Poseuses, Ensemble,” which sold for $149.2 million, was the most expensive of the night. Several pieces sold for three or four times their estimates, and Vincent van Gogh, Gustav Klimt, and Edward Steichen all set new auction records.
The previous record for the most expensive collection ever sold at auction was set by the Harry and Linda Macklowe collection, which was sold at Sotheby’s for $922 million. The sales total of $1.506 billion broke that record. When another 95 items from the Allen collection go up for auction Thursday morning, the total amount sold will go up even more.
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The rush of eight- and nine-figure sales showed that the world’s rich still see masterpiece art as a way to protect themselves from inflation and maybe as a safer way to keep their money than stocks and cryptocurrencies, which are becoming more volatile. The sale happened on the same day that the Dow dropped more than 600 points and bitcoin fell to its lowest level since November 2020.
The late co-founder of Microsoft, Paul Allen, had a treasure trove of works of art from the past 500 years. Allen signed the Giving Pledge, which means he promised to give at least half of his fortune to charity. All of the money from the sale will go to charity.
.@SeattleArtFair had a great time seeing so many interesting pieces at the fair. Come and see what catches your eye! The Seattle Art Fair is open through Sunday https://t.co/qiaK2RbBKp pic.twitter.com/uX8wkOIW3q
— Paul Allen (@PaulGAllen) August 4, 2018
Allen’s keen eye for great art also made for great investments. In 2006, he paid $40 million for Gustav Klimt’s “Birch Forest.” On Wednesday, it sold for $104 million.
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Paul Cezanne’s “La Montagne Sainte-Victoire” sold for $137.8 million. “Verger with Cypresses” by Vincent van Gogh sold for $117 million, which was a new record for van Gogh at auction. The old record was set in 1990. The painting “Maternite II” by Paul Gaugin was sold for $105.7 million.
“Large Interior, W11 (after Watteau),” which is thought to be one of Lucian Freud’s best works, sold for $86.3 million. A “Waterloo Bridge” painting by Claude Monet was sold for $64.5 million.
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Bidding was strong all over the world. Christie’s specialists bid on the phone for clients in Asia, the Middle East, Europe, and the U.S. Several pieces of art sold for more than their estimates. A famous photo by Edward Steichen of New York’s Flatiron building sold for $11.8 million, beating the estimate of $2 million to $3 million. It is now the second-most expensive photograph ever sold.
“Day Dream,” a painting by Andrew Wyeth, was the subject of a fierce bidding war. It sold for $23.3 million, which was a lot more than the $2 million to $3 million it was thought to be worth. Even though modern art is what most collectors want right now, a few of Allen’s Old Masters sell for eight figures. “Madonna of the Magnificat,” a painting by Botticelli, sold for $48 million.
The Fine Arts & Exhibits Special Section
- Bigger and better: The Covid-19 pandemic forced museums to close for months, lay off staff, and cut costs, but some of them are still making big changes or building new buildings.
- In Honor of Black Artists: This fall, four museums across the country are putting on shows that highlight the work of African and African American artists. This shows that attitudes and priorities have changed.
- Old and new: In California, museums are celebrating Latino and Chicano artists and their work. And the La Brea Tar Pits & Museum is trying to get people interested in what climate change is really like.
- A Change of Culture: After getting rid of all of its Columbus-related items, the Denver Art Museum has opened its doors to a new show of art from Latin America.
- More in the Special Section: Museums, art galleries, and auction houses are letting in more new artists, new ideas, and new traditions than ever before.
