Three masterpieces by Mark Rothko, Cy Twombly, and Joseph Cornell from the collection of legendary arts patron Agnes Gund will headline Christie’s marquee week in New York this May, where they are expected to bring in at least $123 million all together.
Gund, who died in September at age 87, was a force on the New York art scene. The former president of New York’s Museum of Modern Art, she was renowned for her art collecting as much as her social justice work. It was rare for her to sell works from her collection in her lifetime, and when she did, it was for causes she championed, including reproductive rights and criminal justice reform. Before she died, she made it clear that she had given much of her fortune away—she was said to donate two-thirds of her annual income each year—and most of her art collection was promised to museums.
That legacy of generosity makes the appearance of these three works on the market all the more exceptional. The proceeds from the sale will be used to settle Gund’s estate.
Mark Rothko, No. 15 (Two Greens and Red Stripe). Courtesy of Christie’s.
Bonnie Brennan, Christie’s CEO, said Gund was a “singular” collector who lived her life with purpose, generosity, and meaningful civic engagement. “She believed in the power of creativity to foster change and challenge society, and the art world as we know it today is defined by her legacy.”
Rothko’s monumental No. 15 (Two Greens and Red Stripe) is the top lot of the collection, with an estimate in the region of $80 million. Painted in 1964, the dramatic green, black, and red canvas was created six years after Rothko began shifting his palette toward darker tones, beginning with his famed Seagram Mural commission of 1958. Gund acquired it directly from the artist’s studio in 1967, on his recommendation, according to Sara Friedlander, Christie’s chairman of post-war and contemporary art. So fond of the work was she that she only lent it to a museum once in the 1970s; it took pride of place in her living room ever since.
Cy Twombly, Untitled (1961), seen in situ. Courtesy of Christie’s.
It’s one of only seven paintings acquired directly from the artist that still remain with their original buyer; four others are already in institutional collections, according to Christie’s. At 93 inches in height, it’s also the largest work from this period that is held in private hands.
According to the Artnet Price Database, Rothko’s auction record has stood at $86.8 million since the artist’s Orange, Red, Yellow (1961) sold at Christie’s New York in 2012. The $80 million estimate on Gund’s Rothko puts it in range to near or perhaps even best that if it exceeds expectations.
Twombly’s untitled 1961 painting features energetic scribbles and smears, emblematic of his singular gestural style. It’s estimated to fetch $40 million to $60 million.
Joseph Cornell, Untitled (Medici Princess), 1948. Courtesy of Christie’s.
Meanwhile, Cornell’s surreal 1948 assemblage, Untitled (Medici Princess), is estimated at $3 million to $5 million and hails from the avant-garde artist’s seminal series inspired by the Renaissance. The artist’s auction record stands at $7.7 million for Medici Slot Machine (1943), from the same series, which sold at Christie’s New York in 2014.
The Collection of Agnes Gund will be on display at Christie’s in Rockefeller Center starting in May. The Rothko and the Twombly will also go on a global tour ahead of the sale, stopping in London, Paris, and Hong Kong.