Yahoo recently published a new story regarding a high profile New York auction, in which two Mark Rothko paintings were part of the sale.
Untitled (Yellow, Orange, Yellow, Light Orange) from 1955, as well as Untitled, 1970, both attracted some of the larger prices seen in this prestigious sale which sent headlines around the art world.
Impressively, both also went for far higher than initial expectations had predicted, underlining how the investment side of the art world generally is in good health at the moment. This particular auction was from the ownership of Listerine fortune heir Rachel “Bunny” Mellon.
According to the article, “…Other items from the Mellon collection, including jewelry and furnishings, will be offered in a series of sales Nov. 20-23. The total could realize more than $100 million.
Proceeds will benefit The Gerard B. Lambert Foundation, which supports The Oak Spring Garden Library in Upperville, Virginia. The library houses Mellon’s collection of rare books, manuscripts and works of art related to landscape design, horticulture and natural history.
Mellon, a noted horticulturist and widow of philanthropist Paul Mellon, died in March at age 103 at her Virginia estate.
Mellon’s grandfather Jordan W. Lambert created Listerine, and her father, Gerald Lambert, built a company that made everything from Dentyne to Schick razors. Paul Mellon had his own fortune, inherited from his Pittsburgh industrialist father and built on holdings in banking, coal, railroads, steel and aluminum…”