What's Happening?
Christie’s is set to auction three major artworks from the collection of the late Agnes Gund, a renowned arts patron, with an estimated total value of $123 million. The auction will feature works by Mark Rothko, Cy Twombly, and Joseph Cornell. Rothko’s 'No. 15 (Two Greens and Red Stripe)' is expected to fetch around $80 million, potentially setting a new auction record for the artist. Gund, who passed away at 87, was known for her philanthropy and commitment to social justice, often using art sales to fund charitable causes. The proceeds from this auction will be used to settle her estate.
Why It's Important?
This auction highlights the significant impact of Agnes Gund's legacy on the art world and philanthropy. Her decision to sell these works underscores the role
of art collections in supporting social causes, reflecting a broader trend of using art as a tool for change. The sale also emphasizes the enduring value of high-profile art collections in the market, potentially influencing future auctions and collector strategies. Gund's approach to art and philanthropy serves as a model for integrating cultural and social objectives, inspiring future generations of collectors and patrons.
