Herbert Lust’s $50m Collection Headlines Christie’s Fall Marquee Sales

A single-owner collection expected to realise more than $50 million will lead Christie’s New York marquee sales this autumn, bringing a slew of works by postwar masters under the hammer.

The works belonged to Herbert Lust, a banker, collector and author, who died in May aged 99. Lust’s collection featured many pieces by artists who were also his friends, and was reportedly much sought after by both Christie’s and Sotheby’s.

Bonnie Brennan, Christie’s chief executive, said: “Herbert Lust was more than a collector—counting many of the artists he collected among his dearest friends and imbuing their philosophies and ideologies into various aspects of his life. At once scholarly and deeply personal, the collection tells the story of both an exceptional personality and the course of art history across the 20th century.”

Leading the sale is Alberto Giacometti’s Figure, Demie Grandeur (No 2) (1949), one of the earliest-known full standing bronzes from the post-war period, cast by the foundry of Alexis Rudier and estimated at $20 million–$30 million. 

Vanessa Fusco, Christie’s head of impressionist and modern art, said: “The exceptionally early cast by the Alexis Rudier foundry is the only known cast of this sculpture by the legendary fonderie, a rarity among Giacometti’s post-war standing figures.”

The year of creation of the bronze, 1949, is significant, because it is when 22-year-old Lust, studying in Paris on a Fulbright scholarship, first met Giacometti. The pair became friends and Lust not only collected Giacometti’s work, but later compiled the artist’s catalogue raisonné.

Fusco added: “Such a sensational object is a fitting highlight of the marvellous collection of Giacometti paintings, drawings and design pieces that together demonstrate the richness of Mr Lust’s personal and profound connection to the artist.”

Another highlight is Frank Stella’s Les Indes Galantes (1962), one of four large-scale mitred squares created that year by the artist, and which has not appeared in action in almost a quarter of a century. The work is estimated at $7 million –$10 million.

The sale also features the four-part Love Wall (1968) by Robert Indiana—another friend of Lust’s, whose work he collected—estimated at $800,000–$1.2 million, and Yves Tanguy’s Qui répondra? (1948), estimated at $2 million–$3 million.

Single-owner sales have been a key driver of the auction market so far this year, contributing to the best first-half results since 2022. Pieces from Joe Lewis’ collection netted almost £300 million at Sotheby’s in June, while works from Monsoon owner Peter Simon could fetch more than £120 million when they go under the hammer at Christie’s next month.

Christie’s will offer Lust’s collection at a dedicated day sale in New York City, as well as including pieces in its 20th Century Evening Sale. Further sales will take place in London and Paris.