Christie's New York is preparing to auction 16 exceptional artworks from the esteemed collection of the late publishing mogul S.I. Newhouse, who led Conde Nast until his passing in 2017. This highly anticipated sale, taking place on May 18 at Rockefeller Center, features renowned pieces from celebrated artists such as Francis Bacon, Jasper Johns, Henri Matisse, Piet Mondrian, Pablo Picasso, and Andy Warhol. The total value of these masterpieces is estimated to reach approximately $450 million, a remarkable figure in the current art market climate.
Among this illustrious collection, Picasso's Homme à la guitare (1913) is particularly noteworthy, with an estimated value between $35 million and $55 million. This painting holds a unique significance as Newhouse sacrificed more than just money to acquire it.
In a pivotal moment 26 years ago, Newhouse prioritized this artwork over his influential position on the board of New York's Museum of Modern Art (MoMA). He controversially purchased it for around $10 million after the museum sold it to fund new acquisitions. Despite being prohibited from buying works sold by the museum as a board member, Newhouse resigned when confronted about the conflict of interest.
The painting has a storied history; it was initially sold by the legendary dealer Daniel-Henry Kahnweiler to literary icon Gertrude Stein in 1913. Upon her death, it became part of a collective called the Syndicate of the Museum of Modern Art, which aimed to acquire Stein's estate. However, the Syndicate sold Homme à la guitare to investment banker André Meyer in 1968.
After Meyer's passing in 1979, the artwork was acquired by MoMA, where it gained prominence through exhibitions, including a major Picasso retrospective in 1980. Despite its significance, MoMA decided to sell the painting in 2000 to enhance their collection, stating that it was not essential to their holdings.
Newhouse acquired the piece from a major dealer, which led to discussions about the implications of a trustee's involvement in such an insider sale. Despite his resignation, Newhouse continued to build an impressive collection, acquiring works from masters like Constantin Brâncuși, Paul Cézanne, and Vincent van Gogh.
Notably, one of Newhouse's artworks, Jeff Koons's Rabbit (1986), achieved worldwide fame in 2019, selling for an astonishing $91.1 million at Christie's, reflecting the enduring legacy of his collection.
As this auction approaches, the sale of Homme à la guitare not only highlights the intersection of art and commerce but also underscores the evolving landscape of art ownership and its future implications.
