It’s a sign of the current market when Richter abstract painting estimated in the high teens only gets mentioned in the regional press. San Antonio’s Linda Pace Foundation is selling this Richter (774-4), estimates between $14 and $18m, to fund the construction of David Adjaye building to house to Foundation’s collection:

The exhibition space — foundation officials are careful not to call it a museum — will be a place where the public can view the Pace collection, which features some 600 works of contemporary art by nearly 300 artists such as Andres Serrano, Marilyn Minter and Donald Moffett.

Pace engaged internationally renowned British architect David Adjaye to design the building before her death in 2007.

Although Adjaye’s design plans and drawings have not been made public, Rick Moore, president of the Pace Foundation’s board, said earlier this year that cost estimates are between $10 million and $15 million for an almost 12,000-square-foot structure, which will be built on the site of a warehouse known to foundation staff as “the ice house.”

One thing is fairly certain: The building will be red. Pace was partial to the color and titled her 2003 book “Dreaming Red: Creating ArtPace.”

Sale of masterpiece to fund new home for Pace collection  (San Antonio Express-News)