Tuesday, 24 May 2016
Last updated 4 hours ago
Mar 21 2014 | 9:56am ET
Hedge fund manager Adam Sender once dreamed of opening a museum to showcase his world-class collection of contemporary art. But having recently shuttered his Exis Capital Management and split with his wife, Sender has decided to sell about half of it.
Sotheby’s will auction about 400 of Sender’s 800 artworks over about 18 months, beginning in May. The group, which includes pieces by 139 artists, is expected to fetch between $70 million and $80 million.
Sender was among the earliest hedge-fund art collectors, and as recently as seven years ago hoped to turn a Sag Harbor, N.Y., church into a museum to house his collection. Last month, however, Sender told investors that he’s to close Exis, which once managed $1 billion. Sender and his wife of 11 years are also getting divorced.
“Life throws you curveballs,” Sender told The New York Times. “I’m closing this chapter of my life. Hopefully, another will open.”
Sender isn’t just selling works by the likes of John Baldessari, Dan Flavin, Mike Kelley, Richard Prince, Ed Ruscha and Cindy Sherman. He also plans to donate some of his larger pieces to museums, and will not be left with bare walls when he’s done.
“I will still be lucky enough to live with a lot of art,” he told the Times.