Paul Allen’s art collection fetches record $1.5bn at auction

Artwork amassed by the late Microsoft co-founder Paul Allen has broken the sales record for a single collection, fetching $1.5bn at auction at Christie’s in New York as art market valuations remain robust amid global economic headwinds.

Wednesday’s auction of 60 lots was the first of two sales, with the remaining 95 artworks set to be sold in New York on Thursday. Roughly half of the works purchased on Wednesday exceeded Christie’s valuation estimates.

The star of the night was Georges Seurat’s 1888 painting “Les Poseuses, Ensemble (petite version)”, which was sold for $149mn, including the buyer’s premium.

Allen’s collection, which spans over 500 years of art history and encompasses some of the most recognisable names, has been described by Christie’s as “the largest and most exceptional” private collection ever offered. The auction house had expected the collection to sell for about $1bn.

Wednesday’s results broke auction records for several artists. They include Paul Cézanne’s 1890 painting “La Montagne Sainte-Victoire” ($137mn); Gustav Klimt’s 1903 painting “Birch Forest” ($104mn); Vincent van Gogh’s 1888 “Verger avec cyprès” ($117mn); Diego Rivera’s 1931 “The Rivals” ($14mn); and Max Ernst’s 1961 bronze sculpture “Le roi jouant avec la reine” ($24mn).

Another major sale from the night was Lucian Freud’s 1983 painting “Large Interior, W11 (after Watteau)” for $86mn.

The haul crossed the $1bn mark around halfway through the event with the sale of Alberto Giacometti’s bronze nude standing female figure “Femme de Venise III” for $25mn.

The first part of the auction also included pieces by Georgia O’Keefe, Jasper Johns, David Hockney, Gerhard Richter, Louise Bourgeois, Wassily Kandinsky and Sandro Botticelli.

Proceeds from the sale will go towards philanthropy, as directed by Allen, who died of complications resulting from cancer in 2018. Over his lifetime, he gave away more than $2bn. He and childhood friend Bill Gates founded Microsoft in 1975.

When announcing the night’s final tally, the auctioneer called it a “historic” sale as wealthy buyers splashed out on a range of pieces. The previous single-collection record was set in May, when the private collection of property mogul Harry Macklowe and his ex-wife Linda went for a total of $922mn at Sotheby’s in New York.