“As we stand enraptured by the stunning resplendency of Mark Rothko’s Untitled (Yellow and Blue) we bear witness to what can only be described as an unequivocal masterpiece of twentieth-century art history.”
I still contend that the auction catalogue essay is an underappreciated genre of art writing, and the 4,000-word lot essay for Sotheby’s 2015 sale of this prime Rothko feels worth a read. Especially so because Artnet reports that the auction house is selling the painting again this fall. And so we will have another essay with which we can index the way these classical Ab Ex artworks are positioned, and how their sellers, at least, imagine them to be understood.
In 2015 that meant namechecking everyone from Giotto to Niezstche and evoking the physical experience of standing in front of the painting in the most intense language you can muster. This manifestation is quoted after the jump, if you can handle it.
As for how the buyers understood things, we must piece together our own conclusions. Untitled (Yellow and Blue) is one of nine Rothko paintings Bunny and Paul Mellon acquired from Marlborough Gallery beginning in 1970, immediately after the artist’s death, and so right in the thick of the fiduciary malfeasance that prompted Rothko’s children to sue.
This and at least seven other Mellon Rothkos were promptly included in the National Gallery’s first show of modern art, in 1973.
Here it is, installed in the dinner organized by Bunny Mellon, above tables full of Betty Parsons sculptures, which were for sale.
Some time between Paul’s death in 1999 and 2006, when it was shown at the Palazzo Grassi, Bunny, by then in her nineties and rushing to spend several hundred million dollars before she died, sold the painting to François Pinault.
In June 2013, Pinault sold it through his auction house, Christie’s, along with a Fontana, to Eric Tan, a cutout for Jho Low, the Malaysian money launderer. [According to the Feds, the $79.5 million invoice was $36m for the Fontana, and so $43m for the Rothko.] In October 2013, Tan gifted the works, along with a $3 million Calder, to Low, with three copy & pasted “gift letters.”
[Because legal filings are another underappreciated genre of art writing, the excerpts of the gift letters included in the US Justice Dept’s 2020 forfeiture filing against other laundered artworks, a Warhol and a Monet, are also after the jump.]
In April 2014 Low borrowed $107 million from Sotheby’s Financial Services, pledging up to $285 million in artworks as collateral, including the Rothko, then he instructed them to sell artworks until the loan was repaid. Sotheby’s put the Rothko in their May 2015 Modern/Contemporary sale, where it was purchased by Russian oiligarch Farkhad Akhmedov for $46.5 million as part of his attempt to conceal $600 million while divorcing his wife Tatiana Akhmedova.
Tatiana was awarded title to the Rothko, other art, a yacht, and an apartment, in 2016, but some of the assets had been secretly transferred to the feuding couple’s son, and in 2020, she was still suing to receive them. When Sotheby’s publishes the updated provenance, perhaps we’ll know if Tatiana is the present seller. Artnet says the consignment was only just arranged, which may be why Sotheby’s pushed back their Hong Kong sale. But if you need to convert eight figures in a somewhat portable but rather traceable masterpiece, November 8 is your lucky day.
Continue reading “An Infinite, Unbreakable Cycle of Buying and Selling”