Forstmann's Art Heads To Auction

Mar 23 2012 | 11:29am ET

Some of the centerpieces of private equity pioneer Theodore Forstmann's art collection will go under the gavel in May, six months after Forstmann's death at the age of 71.

Sotheby's will sell about 50 works from Forstmann's collection in two separate auctions. On May 2, works by Pablo Picasso, Chaïm Soutine, Joan Miró, Paul Gaugin, Pierre Bonnard and Henri de Toulouse-Lautrec. A week later, later works from Forstmann's estate, including pieces by Roy Lichtenstein, Jean-Michel Basquiat and Arshile Gorky, will be part of Sotheby's contemporary art evening auction.

"Teddy Forstmann strove for excellence in business and in life, which carried through effortlessly into his art collecting," Stephane Connery of Sotheby's said. "“He constantly reevaluated and refined his  collection, keeping it fresh, fluid and ever-evolving. He truly lived with and appreciated his works, often rearranging them to explore new contexts and connections. Teddy had a passion for strong, powerful images with Expressionist tendencies, and this common thread runs throughout the works on offer this spring – from the two commanding Soutine canvases, to Picasso’s ever-powerful portrait of Dora Maar, to the charged works by Miró and Basquiat."

The Forstmann Little & Co. founder died of brain cancer in November.

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