While fairs around the world are betting everything online or by postponing a date, sales between private individuals seem to continue their normal course, even if the impact that this epidemic is having on the art market will be devastating for everyone in short, medium and also very long term.
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What we are analyzing today is the case of Mark Rothko's painting coming from the late financier Donald Marron's collection of the late and sold around $ 70 million through a private transaction. The sale follows the announcement of three major New York galleries - Pace, Gagosian and Acquavella - who all decided to join their forces to sell the large Marron collection.
The operation carried out on the Rothko painting, is part of a bigger plan in which the galleries seem to have placed a series of artworks for a total value of around 300 million. Pace and Gagosian will hold exhibitions of the Marron works in May, coinciding with big auctions in New York. Phaidon Press, owned by billionaire Leon Black, will publish “a scholarly volume to illuminate Marron’s collection and celebrate his legacy,” the galleries said. Read more on Bloomberg.
From left to right: “No. 22 (REDS)” by Mark Rothko Courtesy the Donald B. Marron Family Collection, Acquavella Galleries, Gagosian and PaceGallery; Cy Twombly’s “Untitled (Camino Real)”. Courtesy the Donald B. Marron Family Collection, Acquavella Galleries, Gagosian and Pace Gallery
Bloomberg reported this information according to a person familiar with the situation, for whom sales were driven by a pair of Picasso portraits sold to the casino magnate Steve Wynn for over $ 100 million. According to Bloomberg the paintings of Cy Twombly, Mark Bradford and Gerhard Richter have always found buyers. Twombly's "Untitled (Camino Real)" from 2011 sold for around 30 million. An Asian collector bought a Bradford painting for about 6 million and a Richter Abstract was offered for 14 million.
"No. 22 (reds) "by Mark Rothko is the last big sale linked with Marron’s collection of blue-chip Rothko's works, the Museum of Modern Art trustee who died last December 2019. After the announcement by the galleries, the Wall Street Journal and Bloomberg took into account all the works sold. It seems that in recent days the three galleries have offered the works of the Marron collection to various buyers and these have turned to other dealers and auction house specialists, for a second opinion.
