Taubman Collection Fails to Sizzle at Sotheby's Auction

• Get Patch’s daily newsletter and real-time news alerts.

The prized art collection of the late shopping mall magnate A. Alfred Taubman brought hundreds of millions of dollars less than high-end estimates at a blue-chip auction by Sotheby’s in New York.

Rosenbaum said bidding was “erratic” on the 77 Modern and Impressionist works, and 32 of them failed to meet the low estimate. Eight works didn’t sell at all.

Sotheby’s had guaranteed $500 million to the Taubman heirs, the Detroit Free Press previously reported.

The proceeds from the auction will be used to pay estate taxes and further endow the billionaire’s charitable A. Alfred Taubman Foundation, which has supported the Detroit Institute of Arts, the University of Michigan, Lawrence Technological University and Wayne State University. Additionally, Taubman was a leader in bringing stem cell research to Michigan and fighting illnesses such as ALS.

“This is a good night for Detroit,” Christopher Tennyson, the family’s spokesman told The Detroit News. “The foundation will focus on institutions the family loves in southeast Michigan.”

Related

• Sotheby’s Wins Right to Auction $500M Taubman Collection
• Taubman Widow Locked Out of London Flat: Report

» Photo via Sotheby’s