Milton Avery’s “Meditation,” 1960, oil on canvas, 68 by 40 inches, was the sale’s top lot, bringing $3,668,750.
NEW YORK CITY — Sotheby’s September 26 auction of the collection of Edward Albee totaled $12.5 million. Every work on offer was sold, denoting rare “white glove” auction status, with three-quarters of all lots outstripping their high estimates. The full proceeds of the sale will benefit the Edward F. Albee Foundation, which provides residencies for writers and visual artists in Montauk, N.Y.
Amy Cappellazzo, chairman of Sotheby’s fine art division, noted: “Edward’s canny eye and thoughtful understanding of the artistic process translated to a broad collecting audience. Collectors were voracious for a slice of New York intellectual history, and we were thrilled to achieve such strong results on behalf of the artist’s namesake foundation.”
The sale was led by Milton Avery’s “Meditation,” a luminous balance of color and form that held court in the middle of Albee’s Tribeca loft. Three bidders vied for the canvas from 1960, before it sold on the telephone for $3.7 million, including premium – the second-highest auction price for the American artist.
Acquired across decades, the 100-plus works on offer surrounded Albee in the Tribeca loft he lived in for more than 30 years. Together, they demonstrate the artist’s great passion for collecting and provide unique insight into his creative vision. The highly personal group spanned the Twentieth Century with a focus on – in Albee’s words – “art that is about art.”
A total of 16 new auction records were established throughout the sale for many of the artists championed by Albee personally and in his writing.
Watch for a complete review of this sale in an upcoming edition.
