that has outperformed the S&P 500. Microsoft co-founder Paul Allen, from beyond the grave, is here to say: Not so much.In the biggest and most blockbuster art sale of all time, a selection of paintings and sculptures from Allen's collection was auctioned at Christie's in New York this week. In total, the art sold for more than $1.6 billion.Allen, a prolific collector, bought many works at auction — which means we know exactly how much he paid for them.
Allen's estate has the luxury of being able to time the market. The collector died in 2018, but this art is only being sold now, at a time of extraordinary demand. The resale price includes "seller's premium" — the amount the Allen estate paid to Christie's and its guarantors. So the cash-on-cash return will be lower than the numbers on this chart.those works — for which demand is currently hot. The paintings the estateEven with all those tailwinds, the average annualized growth rate on the 11 lots with public entry prices was just 6.2%. On average, Allen held them for 18 years before selling them.
By contrast, even after its fall this year, the S&P 500 still boasts a compound growth rate of 8.9% over the past 18 years.Axios on facebook