Art, Auction Sales

Late Billionaire Teddy Forstmann’s Entire Art Collection to be Sold at Sotheby’s in May

The auction house will present the entire collection of the late financier and philanthropist Theodore Forstmann — some 50 items estimated at $75 million — in a series of spring sales. The pieces include a Picasso portrait of Dora Maar valued between $20 and $30 million and a record-setting portrait by Chaïm Soutine (est. $10-15 million).

Picasso's Femme Assise dans un Fauteuil (Portrait of Dora Maar)

Sotheby’s announced the sale in a press release dated 20 March 2012.  “A significant group of works will highlight Sotheby’s Impressionist & Modern Art Evening Sale on 2 May 2012 and includes Pablo Picasso’s Portrait of Dora Maar titled Femme assise dans un fauteuil, which exemplifies the artist’s wartime work and his passionate exchange with Dora Maar (pictured right, est. $20/30 million). Chaïm Soutine’s Le Chausseur de chez Maxim is a masterwork of Expressionism and arguably the crowning achievement of the artist’s career (est. $10/15 million) [Forstmann paid $6.7 million for the work in 2004, a record at the time for the Belarusian artist], and Soutine’s Le Chasseur (est. $4/6 million), both done in Paris in the 1920s will be major highlights, as will be Tête humaine, a prime example of Joan Miró’s formative output of the 1930s (est. $10/15 million). Outstanding works by Lichtenstein, Basquiat and Gorky will be included in Sotheby’s Contemporary Art Evening Auction on 9 May 2012. These works will be sold across a series of sales at Sotheby’s in New York through May 2012, and are estimated in excess of $75 million.”

Mr. Forstmann died in November at the age of 71 of complications from brain cancer.

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