Microsoft Founder Paul Allen's $1.5B Art Collection Breaks Christie's Auction Record

The estate of late Microsoft MSFT co-founder Paul Allen broke a record this week at Christie’s New York.

Allen’s private art collection reached $1.5 billion in sales. That's the largest single-owner art sale in the history of actions.

The collection included work by some iconic artists, including Georges Seurat, Paul Cézanne, Paul Gauguin, Gustav Klimt, Vincent van Gogh, Georgia O'Keefe, Claude Monet, David Hockney, Andrew Wyeth, Pablo Picasso, Alexander Calder and Max Ernst.

Related: How Investing In Art Can Be An Asset To Your Portfolio.

“Les Poseuses, Ensemble (small version),” an 1888 pointillist painting by Seurat reached the highest bid, at $149.2 million, reported The New York Times.

Allen, a childhood friend of Bill Gates, had an estimated net worth of $20.3 billion. He helped Gates launch Microsoft. Although he left his full-time position at the company in 1983, he remained on the board as vice-chairman until his passing in 2018.

Proceeds from the auction will be donated to several undisclosed charities that Allen supported.

Up to 95 more works will be offered by Christie's on Thursday.

The auction underscores how the blue-chip art collectors' market appears to run undisturbed.

For the super-rich, purchasing artwork can serve as a way to store value in a world riddled with volatility and uncertainty. And as long as they’re well preserved, artworks from famous artists generally don’t depreciate in value.

Investing in art is also a viable way for regular investors to diversify their portfolio. Check out Benzinga’s guide: How To Invest In Art.

Image on Wikimedia Commons.