Sotheby's Covert Sale Attempt of a $50 Million Jackson Pollock Painting Falters

Sotheby's recently undertook a discreet endeavor to facilitate the sale of a significant artwork, Jackson Pollock's 'Number 19, 1951,' belonging to Arne Glimcher, the visionary behind Pace Gallery. Valued at an ambitious $50 million, this private offering was conducted with notable discretion, reflecting a growing trend in the high-end art market for transactions outside the traditional public auction spotlight. Despite the auction house's strategic approach, which included deploying a prominent auctioneer and maintaining a veil of secrecy, the sale did not proceed as anticipated, reportedly failing to garner enough interest from potential buyers.

On a particular Tuesday in early June, the second floor of Sotheby's Manhattan headquarters, typically reserved for its most significant public sales, was unusually restricted. Security personnel denied access to staff members, leading to speculation and curiosity even among senior employees about the nature of the activities unfolding behind closed doors. This heightened secrecy surrounded the attempted private sale of the Pollock masterpiece, a powerful oil-and-enamel creation measuring nearly five feet by four feet, characterized by its intricate black paint coils.

The clandestine operation involved considerable logistical efforts. Oliver Barker, Sotheby's European chairman and a highly regarded auctioneer, was specially flown in from London for the event, a surprising move given the impending summer auction season across the Atlantic. Barker was reportedly seen in Midtown, not far from the Breuer Building, raising questions among those who expected him to be in Europe. Sources indicate that Barker also produced a video for prospective buyers, emphasizing Glimcher's deep reluctance to part with the painting, which is considered a cornerstone of his collection, rumored to include notable works by artists like Cy Twombly and Agnes Martin. Despite these carefully orchestrated efforts to ensure privacy, the sale ultimately faltered, with Sotheby's reportedly unable to secure enough bidders to proceed. The current whereabouts or transactional status of the painting remains undisclosed, with both Sotheby's and Pace Gallery opting not to comment on the matter.

This event marks a significant, albeit unsuccessful, foray by Sotheby's into the realm of private auctions for exceptionally high-value art, a format that competitor Christie's has successfully developed since the onset of the Covid-19 pandemic. Such private sales are typically reserved for masterpieces whose owners prefer a more confidential transaction away from the intense public scrutiny of traditional evening auctions. Interestingly, the painting has been publicly exhibited in the past, featured in the Museum of Modern Art's 1999 Pollock retrospective and later in the 'Jackson Pollock: Blind Spots' exhibition that toured from Tate Liverpool to the Dallas Museum of Art, where it was discreetly listed as originating from a private collection courtesy of Pace Gallery. The timing of the attempted sale followed a record-breaking auction of another Pollock painting at Christie's, which fetched $181.2 million, yet the $50 million valuation for Glimcher's piece was, according to some insiders, overly optimistic. The failed transaction also coincided with Pace Gallery's announcement of significant staff reductions and artist roster cuts, part of a broader strategy to recalibrate its business model.

The undisclosed attempt by Sotheby's to sell Arne Glimcher's 'Number 19, 1951' illustrates the complex dynamics of the high-stakes art market. This private endeavor, conducted with exceptional secrecy and involving considerable strategic planning, ultimately did not achieve its goal due to a reported lack of sufficient buyer interest. The incident sheds light on the evolving methods employed by major auction houses for handling top-tier artworks and underscores the inherent challenges, even for pieces by renowned artists like Jackson Pollock, in securing a sale at a desired valuation within a clandestine environment.