Sotheby’s is selling 29 of an 81 piece collection donated to MoMA by former CBS head to ramp up its digital offerings.
, will be included in Sotheby's contemporary art evening sale in London on 14 October, with an estimate in excess of £30 million .
A trove of Modernist masterpieces from CBS founder William S. Paley’s art collection, including works by Picasso and Bacon, which have been on long-term loan to the Museum of Modern Art in New York, will be sold through Sotheby’s this fall. The proceeds from the sales, first reported in theto expand its digital offerings.
The sales, spread across Sotheby’s Modern and contemporary art auctions held in London and New York, will feature 29 of the 81 pieces that Paley’s family foundation bequeathed to MoMA after his death in 1990., which Sotheby’s estimates will make at least £30 million at its October 14 sale in London. And, which once hung in the television executive’s Manhattan bedroom, is expected to fetch $20 million to $30 million when it hits the auction block in New York on November 14.
Part of MoMA’s plans include creating more virtual walk-throughs of its exhibitions, which have already proven popular online, and producing more content with curators. It might also partner with a university to offer art courses, building on a collaboration it has had with the the online platform Coursera since 2012. That has so far seen around 1.6 million students from 250 countries taking MoMA art classes, according to the museum.
And since the artworks were on long-term loan to MoMA from the William S. Paley Foundation, MoMA will side-step the thorny issue of deaccessioning to raise the funds for its online endeavors. The museum also says that key works from the Paley collection, such as Picasso’sPaley started building his collection in the 1930s, when Modern art was still a daring direction for wealthy collectors, according to Sotheby’s.
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