What is the story about?
What's Happening?
Christie’s is set to auction a significant portion of the late Elaine Wynn’s art collection in New York this autumn, with expectations to raise over $75 million. The collection includes notable works such as Lucian Freud’s 'The Painter Surprised by a Naked Admirer' and Richard Diebenkorn’s 'Ocean Park #40'. However, the centerpiece of Wynn’s collection, Francis Bacon’s 1969 triptych 'Three Studies of Lucian Freud', has been bequeathed to the Los Angeles County Museum of Art (Lacma). This triptych was purchased by Wynn for a record $142.4 million in 2013. The auction will feature works from various artists, including Joan Mitchell, J.M.W. Turner, and Wayne Thiebaud, among others.
Why It's Important?
The auction of Elaine Wynn’s collection is significant for the art market, as it includes high-value pieces that are expected to attract considerable interest from collectors worldwide. The bequest of Bacon’s triptych to Lacma highlights Wynn’s legacy and her contributions to the art community, particularly in making art accessible to the public. This event underscores the ongoing influence of private collectors in shaping public art collections and the cultural landscape. The auction also reflects the continued demand for high-value art pieces, which can have substantial economic implications for the art market.
What's Next?
The auction is scheduled for November, and it is anticipated to draw significant attention from art collectors and investors. The proceeds from the auction could potentially fund further philanthropic efforts in the arts, continuing Elaine Wynn’s legacy of supporting art institutions. Additionally, the display of Bacon’s triptych at Lacma will enhance the museum’s collection and provide the public with access to a historically significant piece of art.
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