The children of the late real estate titan Robert Olnick are auctioning off most of his and his wife’s massive art collection next month.
The trove — which totals 58 items — is expected to fetch north of $20 million at Christie’s in New York in November, Bloomberg reported. Olnick, who founded his development company in 1946 and bought a controlling interest in what later became Starrett City , collected modern art with his wife, Sylvia. After he died in 1986, she continued to bulk up their collection, increasingly turning to more contemporary artists like Barbara Kruger and Cindy Sherman. Sylvia died earlier this year, and so now their two daughters are selling most of their collection.
The collection includes “Untitled #6” by Agnes Martin, which is said to be worth between $5 million to $7 million. Another item is a sculpture by Roy Lichtenstein called “Sleeping Muse,” which is expected to sell for $3.5 million to $5.5 million.
In August 2015, The Real Deal profiled some of the real estate world’s most avid art collectors, including Aby Rosen and Edward Minskoff. In September, developer Michael Shvo was indicted on tax evasion charges related to his extensive art collection. Months earlier, Rosen agreed to pay $7 million to settle claims he didn’t pay taxes on sales of art work. [Bloomberg] — Kathryn Brenzel