The Nightly Business Report does a feature on the upcoming Rockefeller sale at Christie’s slated for this May. David Rockefeller Jr. talks about the sale and his family’s emphasis on using the proceeds to support social institutions.
James Tarmy has an interesting story on Bloomberg about the Rockefeller estate which will come to market at Christie’s over the next few months. David Rockefeller had a good eye and a keen trading sense. As Tarmy points out, the success of Rockefeller’s Rothko sold at the pre-credit crisis peak of the market for $73m was bought for $10,000 53 years earlier.
The capital gains on that sale caused Rockefeller to make plans to dispose of his art in a way that would maximize the value to charity. The subsequent competition between auction houses became legend within the industry. Rockefeller’s representatives were the toughest of customers. They drove a very hard bargain which has left some bruised feelings even years later.
No one can confirm the final guarantee level (and it is said to include a toggle that gives the estate an additional advantage) but $750m is a safe number to work with on what the estate was expected to generate.
That’s a big number even for Rockefeller. Christie’s approached the market gingerly. In January, some of the top works—Picasso, Matisse and Monet—were released to the press with estimates of $70m, $50m and $35m respectively. Since then, Christie’s has clearly gotten good feedback from the market as it tours the works to Asia and Europe.Continue Reading
Christie’s announced this morning that the sales of David Rockefeller’s art and tangible assets will take place in the Spring of 2018. The contents of the estate or its estimated value won’t be revealed until the Fall. Christie’s took the unusual step of guaranteeing the estate some time in the last few years while the centenarian Rockefeller was alive and able to participate in the discussion.
Katya Kazakina had this quote in her report as many wait to learn what works were contained in the Rockefeller homes:
“It will be the sale of this century and the last as well,” said David Norman, a private art dealer and former co-chairman of Sotheby’s Impressionist and modern art department. “Every work lives up to the Rockefeller name. It’s a perfect match of a great historic family and a great historic collection.”
Otherwise, news reports are fairly uniform in following the details from Christie’s release:Continue Reading