Kelly Crow reports on Rothko leading Sotheby’s Contemporary art sale in November:

John Marion, a former Sotheby’s president, and his wife, Anne, a Texas oil heiress and major collector of modern art, have enlisted the auction house to help them sell Mark Rothko’s “No. 1 (Royal Red and Blue),” a 1954 abstract that depicts a trio of fuzzy-edged red, pink and blue rectangles stacked atop a rose background.

Sotheby’s didn’t name the sellers but dealers say the work is widely known to belong to the Marions. The house expects to sell it Nov. 13 for $35 million to $50 million.

Looking Out for No. 1 (Wall Street Journal)