In what experts described as the largest private sale of art ever, the heirs of the legendary dealer Ileana Sonnabend have parted with some $600 million worth of paintings and sculptures in two transactions to cover their estate taxes.
Ever since Ms. Sonnabend died in October at 92, the auction giants Sotheby’s and Christie’s have been vying with some of the world’s most powerful art dealers — Larry Gagosian, William Acquavella, Robert Mnuchin, the team of Giraud Pissarro Ségalot — to get at least a piece of the collection to sell.
Ms. Sonnabend’s art trove, which includes seminal works by artists like Andy Warhol, Jasper Johns, Robert Rauschenberg and Cy Twombly, is valued at more than $1 billion. Taxes on the estate amount to more than half the value of the assets, experts said.
After months of deliberations Ms. Sonnabend’s son and daughter settled this week on the two private sales. “We did sell two blocks of works,” said Antonio Homem, Ms. Sonnabend’s son, who along with her daughter, Nina Sundell, inherited the collection.
Citing confidentiality agreements, Mr. Homem declined to identify the buyers. But experts close to the transactions who insisted on anonymity, also because of those agreements, said that the dealers Franck Giraud, Lionel Pissarro and Philippe Ségalot, who have offices in New York and Paris, bought $400 million worth of art on behalf of several clients, including some of the collection’s finest works. A second group of artworks, all Andy Warhols, was sold to the Gagosian Gallery for $200 million, the experts said.
Experts said the cache sold to GPS Partners included Jeff Koons’s 1986 sculpture “Rabbit”, which has been valued in excess of $80 million. (…)
The experts said they could not identify all the buyers to whom GPS Partners would in turn sell the works. But they said they had been told that several very wealthy collectors were involved, among them François Pinault, the French luxury goods magnate and owner of Christie’s; Sammy Ofer, the Israeli shipping magnate; and Carlos Slim Helú, the Mexican telecommunications billionaire, whom Forbes listed last year as the world’s third-wealthiest man. Mr. Gagosian is said by the experts to be representing several American and Russian collectors in the deal. (…)
Known for a shrewd eye and sure taste, Ms. Sonnabend was among the world’s most powerful dealers in the 1960s and ’70s, as was her first husband, Leo Castelli. (…)
Perhaps the most famous painting she owned — Mr. Rauschenberg’s 1959 “Canyon” — will never leave the collection, Mr. Homem said. In its center is a stuffed bald eagle that cannot be sold because of a federal prohibition on trafficking in endangered species.
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