The Macklowes' art collection, which includes works by Mark Rothko, Andy Warhol and Alberto Giacometti, will be auctioned by Sotheby's.
Sotheby's declined to talk about the process of winning the sale, but people familiar with it say Sotheby's offered a guarantee of between $650 million and $700 million.After years of legal wrangling and Covid delays, the storied art collection of real estate tycoon Harry Macklowe and his ex-wife Linda Macklowe is headed for auction at Sotheby's, and could fetch more than $600 million.
"The Macklowe Collection stands in a league of its own as the greatest collection of Modern and Contemporary Art ever to come to the market," said Sotheby's CEO Charles Stewart. "It will undoubtedly captivate top collectors from around the world, and the sale will make history as one of the landmark events defining the art market and the history of Sotheby's over the past 277 years.
The Macklowes were avid and sophisticated collectors for 50 years, gathering top works by most of the most prominent names in contemporary and modern art. The two top works are each expected to fetch more than $70 million. There is a towering abstract by Rothko, called "No.7," which he painted in the seminal year of 1951. Then there is Giacometti's "Le Nez," which is the last of the series to remain in private hands.