Renowned Art Collection of Barnes & Noble Founder’s Widow Set to Fetch $250M at Auction
Christie’s, the prestigious auction house, made a significant announcement on Thursday regarding the upcoming sale of a remarkable art collection. The collection, valued at a staggering $250 million, comprises works by renowned artists such as Pablo Picasso, René Magritte, Giacometti, and Piet Mondrian. These masterpieces belonged to the late Leonard Riggio, the founder of Barnes & Noble, who was also recognized as one of the top collectors by ARTnews.
The auction is set to take place during Christie’s spring sales in New York, where art enthusiasts and collectors from around the world will have the opportunity to acquire these exceptional pieces. The decision to part with these cherished works comes as Leonard Riggio’s wife, Louise, prepares to downsize from their lavish Park Avenue apartment following his passing last year.
Louise Riggio expressed mixed emotions about parting with the collection, stating, “This is tough for me to say goodbye to old friends, but I will not put them in storage. They need to be seen.” Among the highlights of the auction is a Mondrian piece that adorned the vestibule of the Riggio’s opulent apartment, expected to fetch over $51 million—a testament to the enduring appeal and value of the artist’s work.
An Auction of Prestige and Intrigue
The competition to secure the rights to auction the Riggio collection was fierce, with Christie’s ultimately emerging victorious after a spirited bidding war with rival auction house Sotheby’s. Interestingly, Sotheby’s reportedly engaged the services of the esteemed mega-gallery Pace in an attempt to win over Louise Riggio, although details of this unusual strategy remain shrouded in mystery as both parties have refrained from commenting on the matter.
Louise Riggio’s decision to entrust Christie’s with the sale of the collection underscores the longstanding relationship between the two entities. As she remarked, “We have a longstanding relationship with Christie’s,” highlighting the trust and confidence she places in the auction house to handle this significant event with the utmost professionalism and care.
A Testament to a Collector’s Legacy
Leonard Riggio’s legacy as a discerning art collector has left an indelible mark on the art world, particularly through his passion for Minimalist art and his pivotal role in establishing Dia:Beacon in Upstate New York. The treasures he amassed at his Bridgehampton residence, including Richard Serra’s monumental steel sculpture Sidewinder, have garnered international acclaim and recognition, with the sculpture even visible from space via Google Earth satellites—an extraordinary feat that speaks to the magnitude of Riggio’s collection.
The upcoming auction of the Riggio collection serves as a litmus test for the current state of the art market, following a period of lackluster auction results influenced by global conflicts, political uncertainties, and economic challenges. With the art world closely watching the outcome of this high-profile sale, Christie’s CEO Bonnie Brennan lauded the Riggios as “true collectors,” underscoring their unwavering dedication to art and culture that continues to resonate with aficionados and enthusiasts alike.
In conclusion, the upcoming auction of Leonard Riggio’s prized art collection represents a confluence of artistry, legacy, and market dynamics that will undoubtedly captivate art connoisseurs and collectors worldwide. As the anticipation builds for this momentous event, the art world eagerly awaits the unfolding of this extraordinary chapter in the storied history of one of the most revered collections in contemporary art.
