Abstract Expressionist paintings

Billionaire Ken Griffin paid about $500 million (£350 million) for two paintings by abstract expressionist masters in one of the largest exclusive art deals previously, in accordance with folks acquainted the exchange.

Mr Griffin, founder of Chicago-based hedge investment firm Citadel, bought functions Jackson Pollock and Willem de Kooning from David Geffen’s foundation, said one of many individuals, just who requested never to be identified considering that the information had been private.

“being possess the greatest art historical things of our time one has to exceed to obtain all of them, ” said Abigail Asher, a partner at art advisory firm Guggenheim Asher Associates in New York, who had beenn’t active in the transaction.

Mr Griffin bought de Kooning’s 1955 oil on fabric entitled Interchange for around $300 million and Pollock’s 1948 Number 17A fabric for around $200 million, one of the folks said. The de Kooning fetched $20.7 million in 1989, after that an auction record the singer plus than three times the highest pre-sale estimate of $6 million, based on Artnet, which monitors auction prices. Pollock’s work ended up being showcased in a 1949 Life magazine article that helped make him a household name.

Both paintings continued display at the Art Institute of Chicago in September 2015, said Amanda Hicks, director of public affairs in the museum. Griffin is a trustee since 2004 and helped build the museum’s contemporary wing, she said.

Mr Griffin - who has a web well worth of $5.6 billion, in line with the Bloomberg Billionaires Index - has been switching minds with art, real-estate and philanthropic attempts.

In December, he donated $40 million to brand new York’s Museum of contemporary Art, among biggest gifts inside institution’s 85- 12 months record. In February 2015, he paid $46.4 million for a 10-foot-tall painting by Gerhard Richter at Sotheby’s, an auction record the German musician. Citadel last week finalized a lease for about 200, 000 square feet in a skyscraper on Park Avenue.

Mr Geffen, whoever art collection had been respected at $2.3 billion prior to the deal, recently put his Malibu beach home on the market for $100 million. Last year, the activity mogul announced plans to give $100 million to renovate and rename Avery Fisher Hall at Lincoln Center. It’s now labeled as David Geffen Hall.