Microsoft Co-Founder Paul Allen’s Estate Made Auction History This Week

Microsoft co-founder Paul Allen’s estate went to auction this week and made history.

A group of 60 art pieces from his estate collection sold for a whopping $1.5 billion.

That makes it the priciest collection ever sold at auction and breaks the record by a lot (the previous record was $922M and came from the vaunted Macklowe auction).

Christie’s chairman of 20th and 21st-century art, Alex Rotter, said of the sale, “He changed the way we live our lives. Now, he’s changed the art market.”

Pieces in the collection included works from artists like Paul Cezanne, Georges Seurat, Sandro Boticelli, Jasper Johns and more.

Christie’s held the auction, with the sales highlighting the discrepancy between luxury spenders and the average person as economic woes pile up. Even though billionaire fortunes are dropping like flies, they seem to feel insulated enough from economic instability to keep spending wildly on art investments.