Leonard Riggio, the Barnes and Noble co-founder, and former ARTnews Top 200 collector, passed away in August 2024, leaving behind a vast estate that has now become the center of attention in the art world. His keen eye for quality and prestige led to an impressive collection that ranged from towering sculptures to midcentury masterpieces, crossing various schools of practice and cultural boundaries. The negotiation surrounding his estate has drawn significant interest from auction giants like Christie’s and Sotheby’s, each vying to secure this lucrative business opportunity.
The Riggio estate is not just any ordinary collection. It is a treasure trove of artistic wonders, including Richard Serra’s monumental 300-ton steel sculpture, ‘Sidewinder,’ which was so massive that it could be seen from space via Google Earth satellites. The estate also boasts works by iconic artists such as Willem de Kooning, Mark di Suvero, Niki de Saint Phalle, and Barry Flanagan, showcasing a diverse range of artistic styles and influences.
Beyond the physical sculptures that adorned Riggio’s Hamptons estate, his collection delved into the realm of paintings and tapestries, featuring pieces by renowned artists like Roy Lichtenstein, Ed Ruscha, Donald Judd, and Chuck Close. Notably, Riggio was also a passionate supporter of the Italian Arte Povera movement, as evidenced by the vibrant tapestries, distressed canvases, and neon installations that adorned his living space.
The allure of securing an estate as prestigious as Riggio’s is undeniable for auction houses like Christie’s and Sotheby’s. However, as Mari-Claudia Jiménez, former chairman and president of Sotheby’s Americas division, pointed out, the negotiation process is far from straightforward. While the highest bid may seem like the obvious choice, there are intricate contractual terms and fiduciary responsibilities that must be carefully considered before finalizing any deal.
Jiménez emphasized the importance of analyzing the specifics of a deal beyond just the monetary value, as the contractual terms could significantly impact the overall outcome for both the estate and the auction house involved. With the art market facing uncertainties due to global economic challenges, the negotiation over the Riggio estate takes on added significance as a potential indicator of the market’s health and stability.
As the art world eagerly anticipates the outcome of the negotiations, the looming May evening sales represent a pivotal moment that could set the tone for the rest of the year. Following a tumultuous year marked by economic volatility and political uncertainties, the resolution of the US presidential election was hoped to bring a sense of stability to the art market. However, recent tariff measures imposed by President Donald Trump have raised concerns among market experts about the potential impact on the art market’s recovery.
In conclusion, the negotiation over the Riggio estate stands at the intersection of art, commerce, and legacy, showcasing the intricate dance between prestige, quality, and financial considerations in the art market. As auction houses vie for the opportunity to handle this prestigious collection, the outcome of these negotiations could have far-reaching implications for the art market in 2025 and beyond.
