Blue-Chip Art From Bitter Macklowe Divorce Brings $676 Million at Sotheby’s

The New York Times (NYT) (11/15/2021)
  • As part of their divorce settlement, Sotheby’s recently auctioned off NYC real estate developer Harry Macklowe and ex-wife Linda’s art collection for $676.1M.
  • Notable artworks sold included Alberto Giacometti’s 1964 sculpture “Le Nez” ($78.4M), Mark Rothko’s “No 7” (1951) and a $61M painting by Jason Pollock.
  • Crowned the biggest single-owner auction ever, sales exceeded initial estimates of $400M.
  • The second auction of the Macklowe’s collection is set for May 2022.
  • Booming art demand reflects the global surge in billionaires during the pandemic.