Christie's has successfully secured the art collection of the late Herbert Lust, a renowned figure known for his eclectic tastes as a banker, academic, and passionate art collector. This significant acquisition comes after a competitive bidding process earlier in the summer, where both major auction houses vied for the valuable estate.
As previously reported, following Lust's passing at 99 years old in May, his extensive collection became available. Sources close to the negotiations indicated that the estate was offering approximately 300 artworks, collectively estimated to be worth around $60 million. The collection will commence its public offering during Christie's prominent November auctions in New York, with additional sales scheduled in London and Paris. The auction house projects total sales from the collection to exceed $50 million, managed in collaboration with the Fine Art Group.
A centerpiece of the collection is Alberto Giacometti's bronze sculpture, Figure, demie grandeur (no. 2), with an estimated value ranging from $20 million to $30 million. This 47-inch piece, created around 1949, holds particular significance as it dates back to the year Lust first encountered Giacometti while studying in Paris on a Fulbright scholarship. Their ensuing friendship led Lust to become a dedicated collector and authoritative scholar of Giacometti's oeuvre. Other notable works include Frank Stella’s Les Indes Galantes (1962), estimated between $7 million and $10 million, a piece rarely seen at auction in decades. The collection also features Yves Tanguy’s Qui répondra?, Hans Bellmer’s Jointure de boules (La Poupée), Robert Indiana’s LOVE Wall, Alexander Calder’s Pomegranate Pods, and another Giacometti painting, Chaise jaune dans l’atelier from 1946.
The successful acquisition by Christie's, despite Sotheby's long-standing relationship with Lust and previous sales from his collection, underscores the dynamic and competitive nature of the high-end art market. Lust's collection, meticulously assembled over decades and influenced by his personal friendships with artists, represents a profound legacy in the art world. Even after significant donations to institutions like the Tel Aviv Museum of Art and the Hirshhorn Museum, a vast number of works remained. These upcoming auctions will mark a new chapter in the journey of a collection that embodies a lifetime of artistic appreciation and scholarly dedication, providing a unique opportunity for art enthusiasts and collectors worldwide.