Mega-developer exes Harry & Linda Macklowe should dump practically $1B value of artwork

145


New York megadeveloper Harry Macklowe and his former spouse of 57 years, Linda, should dump their practically $1 billion artwork assortment following their acrimonious divorce, an appeals court docket decide has dominated — prompting what may develop into the artwork sale of the century.

The bitter Macklowe divorce had seemingly ended with New York Supreme Courtroom Justice Laura Drager ordering the warring exes to promote their eye-popping artwork assortment and break up the proceeds late final yr.

However Linda, 80, filed an enchantment to dam the sale, asking an appellate court docket to re-evaluate because the former couple had been given completely different valuations of their collective artwork holdings and actual property.

However on Thursday, the appeals court docket upheld Decide Drager’s ruling that the Macklowes’ estimated $700 million artwork assortment be offered, with the proceeds divided equally.

Artworks up on the market will embody Andy Warhol’s “9 Marilyns,” estimated at $50 million, and Alberto Giacometti’s “Le Nez,” which may command between $35 million and $65 million. There are additionally blue-chip works by John Chamberlain, Robert Gober, Mark Grotjahn, Wade Guyton, Donald Judd, Willem de Kooning, Sigmar Polke, Gerhard Richter, Mark Rothko and Cy Twombly.

We’re advised the works are being offered via Acquavella Galleries — which declined to remark Friday night time. Harry additionally declined to remark, and reps for Linda couldn’t instantly be reached. Harry, 82, is now married to Patricia Landeau.

Moreover the artwork, the couple had disagreed on the worth of property to be break up in addition to the quantity of Harry’s money owed. For instance, Linda’s facet contended that Harry’s earnings from his constructing at 432 Park could possibly be as excessive as $400 million, whereas the court docket discovered that his share was $2.5 million. In June, the warring exes put up their Hamptons dwelling for $21 million.