Correction: Taubman-Art Auction story

AP News
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Posted: Sep 05, 2015 11:00 PM

NEW YORK (AP) — In a story Sept. 3 about an auction of A. Alfred Taubman's art collection, The Associated Press misspelled the first name of one of the artists. It should be Willem, not William, de Kooning.

A corrected version of the story is below:

Sotheby's to auction art collection of billionaire Taubman

Sotheby's to auction art collection of billionaire A. Alfred Taubman valued at more than $500M

NEW YORK (AP) — The art collection of a billionaire developer and former chairman of Sotheby's, which includes works from Picasso, de Kooning and Rothko, is coming up for sale, the auction house said Thursday.

Sotheby's said it would be selling A. Alfred Taubman's collection in a series of auctions in November and one in January. It said the collection was valued at more than $500 million.

The auctions will include a modern and contemporary art sale, an American art sale, and an Old Masters sale.

Among the highlights are a piece from Pablo Picasso of a woman sitting in a chair, estimated at between $25 million and $35 million; a Willem de Kooning painting also estimated to go for $25 million to $35 million, and two Mark Rothko works, both with pre-sale estimates of between $20 million and $30 million,

Taubman died in April. The developer introduced shopping malls to the American public and also had a long history of donating to philanthropic causes.

He served as chairman of the auction house from 1983 to 2000, but was convicted in 2001 of price-fixing in connection to auction commissions. He spent about a year in prison.

Sotheby's said proceeds from the sale would be used to settle his estate's tax obligations and fund a foundation.