Sotheby's secretly organized a private auction for Jackson Pollock's "Number 19, 1951," owned by Pace Gallery founder Arne Glimcher, with an asking price of $50 million. The sale was held at the Breuer Building in Manhattan with unusual secrecy, including flying in star auctioneer Oliver Barker from London and sending a recorded pitch to prospective buyers. However, Sotheby's could not secure enough bidders, and the auction was ultimately called off; the painting's current whereabouts remain unclear.
The failed sale matters because it represents Sotheby's first serious attempt at a private auction format, a model Christie's has developed since the pandemic for ultra-high-value works. It also highlights the challenges of selling major Pollocks at a $50 million valuation, especially just weeks after a larger Pollock by S.I. Newhouse sold for $181.2 million at Christie's. The episode comes amid broader restructuring at Pace Gallery, which announced staff and artist roster cuts days later, signaling shifts in the mega-gallery model.