Thursday, February 18, 2016

Ahem. The Art Market May Still Be Alive: Speculation That Citadel’s Kenneth Griffin Spent $500 Million On a 2-Piece Private Sale

Still alive or we just saw top-tick.
From Art Market Monitor:

de Kooning’s Interchange & Jackson Pollock Work Said to Be Sold in Major Private Sale
Brett Gorvy took to Instagram this evening to add a little color to Josh Baer’s report earlier today of a major private sale. Gorvy tries to restrain himself by not identifying the buyer but it should be easily understood to be Chicago-based Citadel’s Kenneth Griffin who has recently bought substantial real estate in New York. Further in the post, a commenter provokes Gorvy into confirming Griffin as the buyer.

Gorvy doesn’t speculate on which Jackson Pollock work was part of the deal but David Geffen also owned Number 8, 1950 and Number 17a, 1948:
Today it was reported by art insider Josh Baer that a major painting by de Kooning and a Jackson Pollock from a West Coast collection sold for $500 million to a Midwest hedge fund manager. The de Kooning in question is “Interchange”, a seminal masterpiece of Abstract Expressionism from the prime date of 1955....MORE
 And here I am going on about 50-grand Warhol prints to substitute for the soon to be dearly departed €500 bills. Also via Art Market Monitor.

Gorvy is Chairman and International Head of Post-War and Contemporary Art of Christie’s America.
Here's Baer in Sotheby's Magazine back in 2012.