Sotheby’s Auctioning $12 Million Worth of Art from Barbara Gladstone's Estate -

Nearly a year after the death of art dealer Barbara Gladstone at 89, her estate is preparing to auction items from her collection at Sotheby’s in New York. The 12 lots, with a combined estimated value surpassing $12 million, “include pieces she personally lived with,” comments David Galperin, vice chairman and head of contemporary art at Sotheby’s Americas.

“We are looking at an individual who not only had an extraordinary collection and a discerning eye for art but whose selections over her career have greatly impacted our perception of contemporary art today.” Gladstone’s collection will be part of a special auction ahead of Sotheby’s major contemporary evening sale set for May 15 in New York.

In 1980, Gladstone founded her eponymous gallery, establishing it as a midsize power player with locations around the globe. The gallery currently represents many artists, including notable names like Alex Katz, Carrie Mae Weems, and Anicka Yi, as well as estates of artists such as Robert Mapplethorpe and Keith Haring. As a result, several items from her estate are by artists affiliated with her gallery.

“Barbara was an outstanding tastemaker and a genuine art connoisseur,” observes art advisor Allan Schwartzman, a longtime friend of Gladstone and trustee of her estate. “Every item in this sale is a premier example, especially the masterpieces she acquired from artists she didn’t directly represent.” He highlights a piece by Mike Kelley, Memory Ware Flat #42, valued between $700,000 and $1 million, as a standout. “That’s the finest Memory Ware of his I’ve ever come across,” Schwartzman adds.

This announcement follows months of speculation regarding the future of Gladstone’s personal collection; there were discussions about the auction of part of it, although specifics were still subjects of art-world discussions. “Barbara’s estate holds a treasure trove of art, and every item she owned, whether art or real estate, is being sold to benefit her heirs,” Schwartzman explains, mentioning that it’s “reasonable to anticipate” more of Gladstone’s artwork will be featured in future auctions, though “no plans have yet been finalized for upcoming sales.”

Top lots

The leading lot of the sale is a painting by Richard Prince, Man Crazy Nurse, from 2002-2003, expected to sell for between $4 million and $6 million. This piece was first displayed in a 2003 exhibition at Gladstone’s gallery titled “Richard Prince: Nurse Paintings,” from which Gladstone chose it for her personal collection.

Following that is another work by Prince from his Monochromatic Joke series, the 1988 painting Are You Kidding?, estimated to fetch between $2.5 million and $3.5 million. Other notable pieces include a black 1964 painting Flowers by Andy Warhol, anticipated to reach between $1 million and $1.5 million, and a 2006 oil on canvas by Rudolf Stingel, Untitled (Bolego), expected to sell for $1.5 million to $2 million.

Despite the notable provenance of these pieces, their performance at auction is uncertain. The art market is currently facing a downturn, with global sales down 12% last year, according to a report by Art Basel and UBS. Nevertheless, Schwartzman is optimistic that the strength of Gladstone’s collection may defy these broader trends.

“In my experience with the art market, when extraordinary pieces are on the table, collectors pursue them, even in less favorable climates,” he remarks. “People will rise to the occasion because these works are truly exceptional, and remarkable works are rare.”

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