Microsoft co-founder Paul G. Allen’s art collection, which included paintings by Vincent Van Gogh, Paul Cézanne, and Georges Seurat, fetched a record $1.5 billion at a Christie’s auction on Wednesday, demonstrating that affluent collectors aren’t deterred by unpredictable stock markets and economic fears.
Allen’s collection is being auctioned in two sections, the first of which comprises 60 items, with 65% of the lot selling beyond Christie’s high predictions. Seurat’s “Les Poseuses, Ensemble (Petite version)” sold for $149.2 million, beating its $100 million forecast and triple the artist’s previous record price.
“Never before have more than two paintings exceeded $100 million in a single sale, but tonight, we saw five,” said Max Carter, Vice Chairman, 20th and 21st Century Art, Americas, in Christie’s press release. The other four works were created by Cézanne, Van Gogh, Paul Gauguin, and Gustav Klimt and sold for $138 million, $117.2 million, $106 million, and $104.6 million, respectively.
The transaction was projected to generate $1 billion in revenue. The outperformance shows that society’s upper crust is immune to economic and political upheaval, while some buyers may regard high-value art as a hedge against inflation and safer than investing in the stock market or cryptocurrencies.
“People want to put their money into hard assets,” dealer Nicholas Maclean.
The auction broke the record established by Harry and Linda Macklowe’s collection at Sotheby’s just six months earlier, which was for $922 million. Their collection featured mostly midcentury work by artists such as Andy Warhol, although Allen’s collection spanned 500 years.
Eighteen items, including paintings by van Gogh, Gauguin, Cézanne, and Georgia O’Keeffe, were auctioned on Wednesday, setting artist records.
Collectors feel secure bidding below $10 million in any market, but it is unusual to see so many paintings reach $50 million, according to art market specialists. Two works of art sold for more than $50 million on Tuesday, with only one bidder.
Buyers came from all across the world, with Asia accounting for one-quarter of the work.
The most expensive item of the night by Seurat was sold to a Chinese customer.
The oldest item sold Wednesday was Sandro Botticelli’s “Madonna of the Magnificat” from the late 15th century, which sold for $48 million, while the newest was Wayne Thiebaud’s “Café Cart” from 2012.
An image of the Flatiron Building by Edward Steichen sold for $12 million, which was not only four times its estimate and a record for the artist, but also the second-highest price ever paid for a photograph.
According to Christie’s, all earnings will be donated to charity, as per Allen’s intentions before his death in 2018.
The second and last day of the sale will take place on Thursday throughout the day.