This is an amazing story that starts with a signed 1992 L.A. Lakers poster of all things! J. Levine Auction & Appraisal were contacted by the estate to take a look at the poster which is worth approx $200. The rep signed a contract to auction the estate and the Pollock was found along with other pieces by notable artists such as Kenneth Noland, Jules Olitski, Hazel Guggenheim McKinley and Cora Kelley Ward. The Kenneth Noland called “Replace!” sold at $110,000.
On their website J. Levine says " having come from the estate of Jenifer Gordon (Cosgriff) and bequeathed to her half-brother, who resides in an Arizona retirement community. Gordon (Cosgriff) lived in New York and was a known, lifelong friend of Clement Greenberg, an influential visual art critic most closely associated with American Modern art of the mid-20th century, Hazel Guggenheim McKinley, a mid-20th century modern artist and sister of Peggy Guggenheim, and Jackson Pollock." Second only to the "lost" Pollock is the amazing life story of Jenifer who soared through New York's art scene, partied with the best of 'em and was rumored to have been married 5 times... I'll bet there is a screen play being worked on right now.
Now getting to the auction, which was scheduled for June 20th, with a starting bid of $5 million. According to pre-sale estimates by the auction house, the Pollock was expected to sell around $10 to $15 million. All bidders must be vetted and this is where the shenanigans start. Bidders from around the globe were late submitting their paper work and dropping out at the last minute. Then new bidders trying to step in last minute making the auction house very suspicious. The auction house had never experienced anything like this. Josh Levine very wisely postponed the auction until they could figure out just what was happening. Something devious was at play.
It seems that the elite art community is appalled that an auction house in Scottsdale Arizona of all places is handling the Pollock. They believe the painting should be in New York at a more affluent auction house. In addition, they want the Pollock Foundation to be allowed to claim copyrights for prints in exchange for their “blessing” on the authenticity thus cutting the family or the new owner out of those profits. It has come to light that the pre-sale estimates were grossly underestimated. $50 to $70 million is more on par with what Sotheby’s might fetch. J. Levine is confident that it is authentic and will reschedule the auction.
Here is the kicker, the rep that signed the contract with the estate has moved on to other ventures. He is still going to get a percentage of the profits as outlined in the contract. He’ll see upwards of $100k commission on the Pollock alone. Eat your heart out American Pickers!
If anyone wants to make a guess in the comments at what the Pollock sells for. I will tip the closest guess, Price Is Right rules, without going over.
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