Rumors and Guarantees Shake May 2001 New York Art Auctions
In May 2001, the auction season in New York for 19th and 20th century art was clouded by financial speculation and rumors, coinciding with an economic downturn and a U.S. Department of Justice probe into Sotheby's and Christie's for potential antitrust violations. Bernard Arnault, the CEO of LVMH, had taken over Phillips auction house in November 1999 and subsequently merged it with de Pury & Luxembourg in December 2000, appointing Simon de Pury as its leader. Phillips was rumored to have offered $120 million for Heinz Berggruen's collection, which ultimately fetched $71.1 million, a claim Arnault refuted. At Christie's, a neoclassical portrait of Picasso's wife went unsold, priced at $30 million, while Maurizio Cattelan's "Pope" was sold for $886,000.
Key facts
- Bernard Arnault bought Phillips in November 1999 and merged it with de Pury & Luxembourg in December 2000.
- Simon de Pury was placed in charge of Phillips.
- Phillips offered high guarantees to secure important works.
- The U.S. Department of Justice investigated Sotheby's and Christie's for antitrust violations.
- Five paintings from Heinz Berggruen's collection sold at Phillips for $71.1 million.
- Rumors claimed a $120 million guarantee for the Berggruen collection; Arnault denied it.
- A Picasso portrait of Olga remained unsold at Christie's, partly due to rumors linking it to François Pinault.
- Maurizio Cattelan's 'Pope' sold for $886,000, rumored to be from collector Bernard Herbo.
Entities
Artists
- Heinz Berggruen
- Pablo Picasso
- Maurizio Cattelan
Institutions
- Sotheby's
- Christie's
- Phillips
- LVMH
- de Pury & Luxembourg
- Galerie Perrotin
- Le Figaro
- U.S. Department of Justice
Locations
- New York
- Geneva
- Switzerland
- Israel
Sources
- artpress —