That Was Fast: A Week and a Half After Its Private Sale Was Announced, the Marron Collection Has Already Netted $300 Million

Sales from the storied collection of late philanthropist and
finance titan Donald Marron were expected to be robust, following
last week’s announcement that a trio of powerhouse New
York galleries—Pace, Gagosian, and Acquavella—are handling the
collection privately, rather than it being sent to the auction
block. But the rate of sales in less than a week has already been
nothing short of astonishing.

While a marquee auction would have brought its own fanfare and
extreme marketing efforts, the family and consulting fiduciaries
went with an unprecedented joint-gallery option, and secured a
guarantee that sources said was above Christie’s and Sotheby’s
pitches. (Numbers of between $300 million and $330 million were
floated by the auction houses, according to sources.)

The unconventional choice seems to have paid off. Sales appear
to be happening at a fast and furious pace ahead of a May
exhibition planned across Pace and Gagosian’s gallery spaces in
Chelsea. Earlier this week, on February 24, the Wall Street
Journal‘s Kelly Crow reported that casino mogul (and accused sexual
harasser) Steve Wynn had shelled out $105 million for two
Picasso works from the Marron collection. Woman with Beret and
Collar (1937), a portrait of the artist’s mistress Dora Maar,
and a later, 1962 portrait of his wife Jacqueline, Seated Woman
(Jacqueline), were considered “gems” of the collection,
according to the WSJ.

Meanwhile, new reporting today from Katya Kazakina in
Bloomberg brings the total reported sales from the
collection to $300 million. (All of the galleries declined to
comment.) Among sales to date are Mark Rothko’s No. 22
(reds) (1957), which sold for $70 million; paintings by Cy
Twombly, Mark Bradford, and Gerhard Richter also found buyers.

An Asian buyer acquired a Bradford painting for $6 million,
while a Richter abstract bearing a price tag of $14 million
reportedly sold as well.

Last week when the news was announced, a Pace Gallery
representative told Artnet News that all of the roughly 300
works are expected to be sold by the time the May exhibition in
Chelsea opens.

The post That Was Fast: A Week and a Half After Its Private
Sale Was Announced, the Marron Collection Has Already Netted $300
Million appeared first on artnet News.