Christie's New York is set to showcase an extraordinary collection valued at $450 million, featuring iconic works by 20th-century luminaries such as Jackson Pollock and Constantin Brancusi. This impressive assortment, which includes around 40 pieces, comes from the estate of the late media titan S.I. Newhouse, as reported by industry insiders.
While Christie's has not officially verified these estimates, if achieved, the projected prices would significantly surpass the current auction records for these renowned artists. Among the collection are notable works by celebrated figures including Jasper Johns and Pablo Picasso, all contributing to its substantial valuation.
The Newhouse family, known for their art collection prowess, reportedly spent up to $700 million on their holdings. Following Newhouse's passing in 2017, the collection was entrusted to art advisor Tobias Meyer, who previously served as the principal auctioneer at Sotheby's. The collection boasts significant pieces such as Andy Warhol's Shot Orange Marilyn and Lucian Freud's Painter Working, Reflection, with ongoing discussions regarding their sale timing.
Financier Ken Griffin made headlines by purchasing Shot Orange Marilyn for approximately $200 million shortly after Newhouse's death, which accounts for a substantial portion of the $400 million Christie's has generated from selling pieces from this collection. In May 2023 alone, Christie's achieved $178 million from 16 sold works, including creations by Francis Bacon, Willem de Kooning, and Picasso.
Christie's previously set a record for Jeff Koons with the sale of Rabbit (1986), which reached $91.1 million, establishing a new benchmark for living artists. The upcoming auction will feature Pollock's Number 7 (1948), expected to fetch around $100 million, well above his current highest sale of $61.2 million. Additionally, Brancusi's Danaïde (1913), a bronze head with gold leaf, is also estimated at $100 million, surpassing his existing record of $71.2 million.
As the art market seeks to rebound from recent challenges, the introduction of high-profile pieces, particularly at competing auction houses, has provided a much-needed uplift. Christie's anticipates that the remarkable works from Newhouse's collection will further invigorate the market.
