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May 10, 2018

Maine organizations to benefit as Rockefeller art auction tops $750M

Courtesy / Christie's
Courtesy / Christie's
Two paintings included in the auction of artwork from the collection of the late Peggy and David Rockefeller. The auction by Christie's topped $750 million in its second day on Wednesday.

Some of the proceeds from the auction of billionaire Peggy and David Rockefeller's art collection, which topped $750 million in its second day on Wednesday, will benefit Maine organizations.

The Bangor Daily News reported that Maine organizations to benefit from the auction include the Mount Desert Land and Garden Preserve.

According to a news release from the auction house Christie's, the running total of the auction after the second day of the auction was $765.3 million. More auctions are to come this week. All proceeds from this historic series will benefit selected charities that the Rockefeller supported in their lifetimes.

Diego Rivera's "The Rivals" established a new world auction record for the artist, and became the highest priced Latin American artwork in auction history. Commissioned by Abby Aldrich Rockefeller in 1931, and later presented as a wedding present to her son David and his wife Peggy, the Mexican artist's traditional festival scene spent decades hanging in the living room of the couple's home in Maine. It sold for $9,762,500. Fairfield Porter's "The Schooner II," with a view of Barred Island on the Maine coast, realised $1,932,500. Winslow Homer's "Where are the Boats?" took in $4,572,500.

In February, The Knowles Co. of Northeast Harbor brokered the sale of the Rockefellers' 14.5-acre Seal Harbor summer home for $19 million. Proceeds of the sale, which went for the asking price, are also going toward charitable bequests made in Rockefeller's will. David Rockefeller, an American banker who was chairman and chief executive of Chase Manhattan Corp., was the oldest living member of the Rockefeller family and family patriarch from August 2004 until his death in March 2017 at the age of 101.

His late wife Peggy designed the seven-bedroom 5,000-square-foot, year-round home known as Ringing Point in 1972.

David Rockefeller died at age 101 in March 2017; Peggy died in 1996. Shortly after David's death, the Portland Press Herald reported that Rockefeller left $20 million to the Land and Garden Preserve of Mount Desert Island in Seal Harbor, $5 million to the Maine Coast Heritage Trust and pieces of sculpture and art to the Land and Garden Preserve.

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