The Collection of David & Peggy Rockefeller was offered for sale in May 2018 at Christie’s flagship auction rooms in Rockefeller Center in the heart of New York City. The sales were conducted in keeping with David Rockefeller’s pledge to direct the majority of his wealth to philanthropy and provide for the cultural, educational, medical, and environmental causes long supported by the couple.
David Rockefeller, Jr. commented: ‘We are delighted to be partnering with Christie’s to create a significant fundraising opportunity for the philanthropies that are so important to the Rockefeller family. We are proud to fulfil my father’s wish to share with the world the art and objects that he and my mother collected over a lifetime together, and use them as means to continue the long legacy of Rockefeller family philanthropy first established by John D. Rockefeller.’
Gathered over a lifetime and handed down from previous generations, the collection consists of American paintings, English and European furniture, Asian contemporary works of art, European ceramics and Chinese export porcelain, silver, and American decorative arts and furniture.
The record-breaking bid of the night was “Fillette à la Corbeille Fleurie” (Young Girl With Basket of Flowers) by Pablo Picasso.
Vigorous bidding took place; many of the 44 pieces went for well over the high estimate and seven set new auction highs for their artists, including for Matisse and Monet.
Jockeying for the rights to the auction started not long after Mr. Rockefeller, the last surviving grandson of the oil baron John D. Rockefeller, died last year at 101; Peggy Rockefeller died in 1996. Christie’s defeated its rival Sotheby’s by guaranteeing the Rockefellers’ estate a minimum total price of $650 million, according to a person familiar with the terms of the deal. That is a large gamble for an auction house since it has to cover any shortfall, though Christie’s was able to shift some of the risk to outside investors.
The Picasso had a pre-sale estimate of $100 million; the painting was from the artist’s Rose period held pride of place in Mr. Rockefeller’s library. It was among a trove of artwork acquired from Gertrude Stein’s estate in 1968 by a syndicate of prominent collectors that included Mr. Rockefeller’s brother Nelson and the CBS chairman, William S. Paley. David Rockefeller drew first pick and chose the Picasso.The hammer came down at $102 million, just over the estimate, with the total reaching $115 million with fees. The winning bid came in by phone.
Monet’s “Nympheas en Fleur” (“Water Lilies in Bloom”), one of the artist’s celebrated water lilies, generated some of the night’s stiffest competition. Fielding bids from several different places in the room and on the phones, Mr. Pylkkanen joked: “It’s like a tennis game with five rackets.” At the $71 million mark, he added, “It’s never too late to jump in.” The hammer came down at $75 million, and the $84.7 million sale price with fees was an auction high for Monet.
Guillaume Cerutti, Christie’s CEO, remarked: ‘We are honoured to have been entrusted with this legendary collection. The Rockefeller family name is indelibly linked with the arts, culture, business and philanthropy around the world — and it was a fitting tribute that the auctions were held at Christie’s New York in the heart of Rockefeller Center. David and Peggy Rockefeller were well-known not only for their monumental art collection, but also for their commitment to philanthropy which has benefited so many people around the world.’