lockheed lounge

Halsey Minor's Art Needs A New Home

When you buy a lot of art you also have a lot of bills, especially if you don't bother to pay up. The case of Halsey Minor, the CNET founder and major art spender is fascinating. Some of Minor's most prized pieces from his collection of contemporary art will be sold by Phillips de Pury in New York in May and June of this year.

As Bloomberg reports, the sale is the fallout from a judgement last year on a case brought by ML Private Finance (part of Merryl Lynch). Minor had borrowed $25 million from ML Private Finance in 2007 putting his art up as collateral. Last year ML Private Finance was awarded $21.6 million and the court recently appointed Phillips to sell the art. Phillips has promised to pay ML Finance within 24 hours of receiving payment. The prime collection includes Marc Newson's Lockheed Lounge, shown above, which could fetch $1 million to $1.5 million and one of Richard Prince's nurse paintings, "Nurse in Hollywood#4" which is estimated at between $5 and $7 million.

Tags: art, cnet, halsey minor, landmark hotel, lockheed lounge, phillips de pury

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A Lockheed Lounge Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Decor, Auctions

In 2007, one of Marc Newson's famous Lockheed Lounge pieces set a new auction record for a living designer's work. That piece sold for $1.5 million. How will today's economy deal with a Lockheed Lounge? We will get a chance to find out when Phillips de Pury & Company offers up Lockheed Lounge, 1985 at the Phillips de Pury & Company's London Design sale on April 30. The Marc Newson's Lockheed Lounge, LC1, 1985 has a pre-sale estimate of £500,000 – 700,000. The chaise, which has a fiberglass core and a shiny exterior of riveted sheet aluminum has become an iconic piece of modern design. It is featured in several museum collection and is part of a few private collections. The piece on offer here is one of four artist proofs which preceded the edition of ten, and it was originally owned by the designer's mother. It was also the one used in Madonna's video for the song "Rain." The chaise has been in a private collection since 1999. If an Art Deco leather chair can sell for $28 million, maybe Newson's chaise is a worthwhile investment.

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Tags: decor, lockheed lounge, LockheedLounge, marc newson, MarcNewson