In an unexpected move, a $450 million trove of major 20th and 21st century art, including works by Pablo Picasso, Mark Rothko, Cy Twombly and Willem de Kooning, will be privately sold by a trio of the world's largest galleries: Acquavella Galleries, Gagosian and Pace Gallery. The collection was amassed by billionaire investor and art collector Donald Marron, who died of a heart attack in December 2019 at the age of 85. His will indicated that the esteemed art collection be sold privately or at Sotheby's or Christie's, and his estate decided to entrust the collection to the three galleries with which Marron had a close relationship.
"Through this collaboration we are creating an occasion to honor Don’s work as a pioneering collector, and to commemorate 60 years of connoisseurship," said Marc Glimcher, president of Pace Gallery, in a statement. "The project will also celebrate the lifelong relationships that can develop between collectors and dealers, and the role our galleries have played in supporting Marron’s vision."
The 300-work collection is highlighted by two Picassos: Femme au beret et la collerette (Woman with Beret and Collar) from 1937, the same year he painted Guernica, and Femme assise (Jacqueline), depicting Picasso's second wife and favorite muse. According to the Wall Street Journal, both of these Picassos have already been snapped up by casino magnate and art collector Steve Wynn for $105 million. Wynn's experience with Picassos, however, hasn't always been lucky: he punctured the artist's painting La Rêve, which he owned and was trying to sell at the time, with his elbow in 2006.
Other major works include a Mark Rothko Color Field work Number 22 (reds), Cy Twombly’s Untitled (Camino Real), Ed Ruscha's Honk and Complements by Brice Marden.
Good contemporary art reflects the society, and great contemporary art anticipates ~ Donald Marron
Donald Marron, who made his fortune through investment banking, was considered one of the country's top modern and contemporary art collectors. He helmed the board of MoMA in the 1980s, doubling the museum's endowment, and served as a trustee until his death. During his governance of PaineWebber, a major investment and stock brokerage firm, he introduced the concept of a corporate art collection. After PaineWebber was sold to UBS in 2000, Marron was chairman of UBS America, which arguably owns the most famous corporate art collection.
Sotheby's, Christie's and Phillips each put in competing bids to represent Marron's collection, ensuring $300 million guarantees according to the Wall Street Journal. However, Larry Gagosian, Arne and Marc Glimcher, and Bill Acquavella - who each had a close relationship with Marron - decided to present the family with an alternative and offered an undisclosed financial guarantee. Since the collection will be privately sold, no estimates for individual works will be revealed.
From April 24 to May 16, Gagosian and Pace will display the collection divided into three phases of Marron's life as an art connoisseur: his early collecting of the '60s and '70s, his leadership at MoMA and discovery of emerging contemporary artists and his role as a pioneer of corporate art collections.
This decision to sell through three top dealers signals a potential shift in how major collections may be disseminated in the future, as galleries stand to become serious competitors to the auction market, especially after the lackluster contemporary and post war auctions this January in London. The long-term significance of the Marron consignment remains to be seen, but certainly raises the stakes for auction houses.
