Microsoft co-founder Paul Allen’s art collection fetches $1.5 bn, biggest ever
Paul Allen, the co-founder of Microsoft, carefully chose each of the more than 500-year-old pieces. The Guardian claimed that hundreds of pieces from the large art collection of paintings and sculptures owned by the late Microsoft co-founder Paul Allen were sold at auction for a combined total of $1.5 billion. These pieces were by artists […]
Paul Allen, the co-founder of Microsoft, carefully chose each of the more than 500-year-old pieces. The Guardian claimed that hundreds of pieces from the large art collection of paintings and sculptures owned by the late Microsoft co-founder Paul Allen were sold at auction for a combined total of $1.5 billion. These pieces were by artists including Paul Cézanne and Vincent van Gogh.
The auction garnered the highest amount ever collected at a single art auction
According to Christie’s, the auction house, this resulted in the greatest sum ever acquired at a single art auction. In accordance with the desires of Paul Allen, who passed away in 2018, the auction’s proceeds will be given to charitable organizations.
Georges Seurat’s Les Poseuses, Ensemble (Petite version), an 1888 oil on canvas that features three naked ladies and sold for $149.2 million, was one of the most expensive pieces ever sold.
The Harry and Linda Macklowe collection was sold at Sotheby’s for $922 million, shattering the previous record for the most expensive collection ever auctioned set by the sales total of $1.62 billion. In addition to the $100 million or so from Thursday’s sale, the total sales included $1.5 billion from Wednesday night.
Allen’s keen eye for great art also made for great investments
The parade of eight- and nine-figure sales indicated that the world’s wealthy continue to view masterpiece art as an inflation hedge and perhaps a more secure store of value than volatile stocks and virtual currencies.
The collection of Allen, the late co-founder of Microsoft, was a treasure trove of masterpieces spanning 500 years. All of the proceeds will go to charity since Allen signed the Giving Pledge promising to leave at least half of his fortune to charity.
Allen’s keen eye for great art also made for great investments. He purchased Gustav Klimt’s “Birch Forest” for $40 million in 2006. It sold Wednesday for $104 million.
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