On June 2, Sotheby's headquarters in Manhattan's Breuer Building was unusually restricted, with security preventing access to the second floor, typically reserved for high-profile auctions.
This floor has hosted significant sales, including a record-breaking $236 million Gustav Klimt painting last year. The secrecy surrounding the day's events left even senior staff puzzled about the activities taking place above.
Sources report that Sotheby's organized a private auction for Number 19, 1951, a striking Pollock owned by Pace Gallery founder Arne Glimcher. This monumental artwork, nearly five feet tall and four feet wide, features dynamic black paint swirling into bold abstractions, with an asking price of $50 million.
The auction was conducted with remarkable confidentiality. Sotheby's European chairman and leading auctioneer, Oliver Barker, was flown in from London, surprising many who anticipated his presence in the UK during the summer sales season.
Barker even recorded a video for potential buyers, addressing Glimcher's hesitance to sell such a prominent piece from a collection rumored to include notable works by Cy Twombly and Agnes Martin. Despite the discreet approach, the auction ultimately struggled to attract enough bidders and was called off.
It remains unclear whether the painting was returned to Glimcher, sold privately, or is still with Sotheby's. Both Sotheby's and Pace Gallery declined to comment on the matter.
This attempted sale is particularly noteworthy as it signifies Sotheby's first serious venture into private auctions. In recent years, Christie's has popularized this format, which is tailored for high-quality artworks that owners prefer to keep away from the public eye during traditional sales.
Despite the painting's visibility, having been featured in a major Pollock retrospective at the Museum of Modern Art in 1999 and later exhibitions, the timing of this auction seemed opportune. Just weeks prior, a Pollock sold for a record $181.2 million at Christie's, raising expectations for the market.
However, some insiders felt the $50 million asking price may have been overly ambitious. The auction's cancellation coincided with Marc Glimcher, Arne's son and Pace's CEO, announcing plans to reduce gallery staff and artist representation as part of a strategic shift.
This development underscores the evolving landscape of the art market, where private sales may become increasingly prominent, reflecting the changing preferences of collectors and galleries alike.
