A trio of paintings by Williem de Kooning from his family’s collection will be auctioned for the first time this November at Sotheby’s New York, with a combined value in excess of US$50 million.
The three works span three decades from the 1960s to1980s and represent “an incredible insight into how de Kooning relentlessly refined and reworked his visual style, always exploring new techniques and approaches,” David Galperin, head of contemporary Art at Sotheby’s New York, said in a statement.
The Dutch-born abstract expressionist painter, who spent most of his time in New York City and East Hampton, was part of a group of artists, such as Jackson Pollock, Lee Krasner, Mark Rothko, and Clyfford Still, known as the New York School.
The artist’s price record at auction was set in 2018, when his 1955 painting Woman as Landscape sold for US$68.9 million at Christie’s. However, his 1955 painting Interchange was reportedly traded for US$300 million through a private deal between the entertainment magnate David Geffen and hedge fund billionaire Kenneth Griffin.
This time, Untitled, circa 1979, a colourful canvas that is estimated to sell for between US$30 million and US$40 million, will be the most valuable painting on offer from his heirs—three granddaughters.
“For as long as we can remember, Untitled, c. 1979, was referred to affectionately as ‘the Monet’ by our mother,” the granddaughters said through Sotheby’s. “Even as young children, we were captivated by it.”
Montauk II, from 1969, is one of five known Montauk paintings de Kooning created in that year and carries an estimate of between US$10 million and US$15 million. A rare large-scale colourful work from 1987, The Hat Upstairs, never-before-seen by the public, is valued between US$8 million and US$12 million.
The three works will highlight Sotheby’s contemporary evening auction in November in New York. They will be on a touring exhibition with stops in Hong Kong from Oct. 2-8; London from Oct. 8-12, Paris from Oct. 19-24, and Los Angeles from Oct. 26-29 before returning to New York for exhibition from Nov. 4-16.
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Terrible commutes. Expensive child care. Employees explain why they will keep working from home.
What’s still keeping American workers out of the office?
At a time when restaurants, planes and concert arenas are packed to the rafters, office buildings remain half full. Thinly populated cubicles and hallways are straining downtown economies and, bosses say, fragmenting corporate cultures as workers lose a sense of engagement.
Yet workers say high costs, caregiving duties, long commutes and days still scheduled full of Zooms are keeping them at home at least part of the time, along with a lingering sense that they’re able to do their jobs competently from anywhere. More than a dozen workers interviewed by The Wall Street Journal say they can’t envision returning to a five-day office routine, even if they’re missing career development or winding up on the company layoff list.
Managers say they will renew the push to get employees back into offices later this year. The share of companies planning to keep office attendance voluntary, rather than mandatory, is dropping, according to a survey released in May of more than 200 corporate real-estate executives conducted by property-services firm CBRE, one of the largest managers of U.S. office space.
A battle of wills could be ahead. The gap between what employees and bosses want remains wide, with bosses expecting in-person collaboration and workers loath to forgo flexibility, according to monthly surveys of worker sentiment maintained by Nicholas Bloom, a Stanford University economist who studies remote work.
Escalating expenses
One reason workers say they’re reluctant to return is money. Some who have lost remote-work privileges said they are spending hundreds, or in some cases thousands, of dollars each month on meals, commutes and child care.
One supercommuter who treks to her Manhattan job from her home in Philadelphia negotiated a two-day-a-week limit to her New York office time this year. Otherwise, she said she could easily spend $10,000 a year on Amtrak tickets if she commuted five days a week.
Christos Berger, a 25-year-old mortgage-loan assistant who lives outside Washington, D.C., estimates she spends $2,100 on child care and $450 on gas monthly now that she is working up to three days a week in the office.
Berger and her husband juggled parenting duties when they were fully remote. The cost of office life has her contemplating a big ask: clearance to work from home full time.
“Companies are pushing you to be available at night, be available on weekends,” she said, adding that she feels employers aren’t taking into account parents’ need for family time.
Rachel Cottam, a 31-year-old head of content for a tech company, works full time from her home near Salt Lake City, making the occasional out-of-town trip to headquarters. She used to be a high-school teacher, spending weekdays in the classroom. Back then, she and her husband spent $100 a week on child care and $70 a week on gas. Now they save that money. She even let her car insurance company know she no longer commutes and they knocked $5 a month off the bill.
Friends who have been recalled to offices tell Cottam about the added cost of coffee, lunch and beauty supplies. They also talk about the emotional cost they feel from losing work flexibility.
“For them, it feels like this great ‘future of work’ they’ve been gifted is suddenly ripped away,” she said.
Parent trade-offs
If pandemic-era flexible schedules go away, a huge number of parents will drop out of the workforce, workers say.
When Meghan Skornia, a 36-year-old urban planner and married mother of an 18-month-old son, was looking for a new job last year, she weeded out job openings with strict in-office policies. Were she given such mandates, she said, she would consider becoming an independent consultant.
The firm in Portland, Ore., where Skornia now works requests one day a week in the office, but doesn’t dictate which day. The arrangement lets her spend time with her son and juggle her job duties, she said. “If I were in the office five days a week, I wouldn’t really ever see my son, except for weekends.”
Emotional labor
For some, coming into the office means donning a mask to fit in.
Kenneth Thomas, 42, said he left his investment-firm job in the summer of 2021 when the company insisted that workers return to the office full time. Thomas, who describes himself as a 6-foot-2 Black man, said managing how he was perceived—not slipping into slang or inadvertently appearing threatening through body language—made the office workday exhausting. He said that other professionals of colour have told him they feel similarly isolated at work.
“When I was working from home, it freed up so much of my mental bandwidth,” he said. His current job, treasurer of a green-energy company, allows him to work remotely two or three days a week.
Lost productivity
The longer the commute, the less likely workers are to return to offices.
Ryan Koch, a Berkeley, Calif., resident, went to his San Francisco office two days a week as required late last year, but then he let his attendance slide, because commuting to an office felt pointless. “I’m doing the same video calls that I can be doing at home,” he said.
Koch, who works in sales, said his nonattendance wasn’t noted so long as his numbers were good. When Koch and other colleagues were unable to meet sales quotas in recent weeks, they were laid off. Ignoring the in-office requirement probably didn’t help, he said, adding he hopes to land a new hybrid role where he goes in one or two days.
Jess Goodwin, a 36-year-old media-marketing professional, turned down an offer to go from freelance to full time earlier this year because the role required office time and no change in pay.
Goodwin said a manager “made it really clear that this is what they’re mandating right now and it could change in the future to ‘you have to be back in five days a week.’”
Goodwin, who lives in Brooklyn, N.Y., calculated that subway commutes to Midtown Manhattan would consume more than 150 hours annually, in addition to time spent getting ready for work.
Goodwin’s holding out for a better offer. She said she would consider a hybrid position if it came with a generous package and good commute, adding: “And I would also probably need something in my contract being like, ‘We’re not going to increase the number of days you have to come in.’”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual