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https://www.barrons.com/articles/moma-to-auction-70-million-of-its-art-to-support-digital-expansion-01663192541
An estimated US$70 million worth of artworks, which have been under the stewardship of the Museum of Modern Art in New York (MoMA) for the William S. Paley Foundation, will be auctioned later this year, with a portion of the proceeds going to fund the museum's digital expansion.
The move came after lengthy discussions between the foundation and MoMA about the heightened importance of digital media and technology in reaching and engaging audiences since the onset of Covid pandemic, according to a joint news release Wednesday.
“I know how deeply my friend Bill Paley cared about The Museum of Modern Art and with what devotion he dedicated himself to its advancement,” Henry Kissinger, the foundation's chairman and the former U.S. secretary of state, said in the release. “With this initiative, the foundation will honor his intention and continue his vision for MoMA.”
William S. Paley was a champion of MoMA for more than half a century. Upon his death in 1990 at age 89, a total of 81 works from his art collection owned by his foundation were placed under the care of MoMA, with the understanding the two organizations could determine together how these works could best serve the public and the changing needs of the museum.
Using part of the proceeds from the sale of 29 artworks to fund MoMA’s digital presence and future acquisitions “would have been of keen interest to Paley, who as founder of CBS was a trailblazer in the communications industry,” MoMA said in a statement.
While no concrete plans have been made yet, the endowment fund could be used to improve its online content, YouTube channel, and social media platforms, as well as possibly to acquire more digital art, Glenn D. Lowry, the David Rockefeller director of the museum, told The Wall Street Journal.
Highlighting the group of 29 works to be auctioned across a series of sales at Sotheby’s is Three Studies for Portrait of Henrietta Moraes, a small-format triptych created by Francis Bacon in 1963. It will lead Sotheby’s evening auction of contemporary art on Oct. 14 in London, with a presale estimated value in excess of £30 million (US$35 million).
Pablo Picasso’s Guitare sur une table, 1919, will be a star lot at Sotheby’s evening sale of modern art in New York on Nov. 14, with an estimate between US$20 million and US$30 million.
Also on offer on the same night include Pierre-Auguste Renoir’s Les Fraises, circa 1905, estimated between US$3 million and US$4 million; André Derain’s Bords de Seine à Chatou, and Pierre Bonnard’s Nature morte, each estimated in the region between US$2.5 million and US$3.5 million.
Highlights from the collection will be exhibited in Hong Kong, London, Los Angeles, and New York this fall.
“It is a testament to the visionary philanthropy of William S. Paley that the bequest he made through his foundation anticipated that, over time, the needs of the Museum would evolve in ways that could not have been foreseen or even imagined thirty years ago,” Lowry said in a statement.
Correction: Due to an editing error, the original headline mis-identified MoMA as the seller.
An estimated US$70 million worth of artworks, which have been under the stewardship of the Museum of Modern Art in New York (MoMA) for the William S.
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