Greg Allen goes deep on Untitled (Yellow and Blue), a Mark Rothko painting from 1954 that is coming up for auction this fall. His write up of the provenance could be a treatment for a Wes Anderson movie.
Untitled (Yellow and Blue) is one of nine Rothko paintings Bunny and Paul Mellon acquired from Marlborough Gallery beginning in 1970, immediately after the artist’s death, and so right in the thick of the fiduciary malfeasance that prompted Rothko’s children to sue.
Some time between Paul’s death in 1999 and 2006, when it was shown at the Palazzo Grassi, Bunny sold the painting to François Pinault.
In June 2013, Pinault sold it through his auction house, Christie’s, along with a Fontana, to Eric Tan, a cutout for Jho Low, the Malaysian money launderer. [According to the Feds, the $79.5 million invoice was $36m for the Fontana, and so $43m for the Rothko.] In October 2013, Tan gifted the works, along with a $3 million Calder, to Low, with three copy & pasted “gift letters.”
In April 2014 Low borrowed $107 million from Sotheby’s Financial Services, pledging up to $285 million in artworks as collateral, including the Rothko, then he instructed them to sell artworks until the loan was repaid. Sotheby’s put the Rothko in their May 2015 Modern/Contemporary sale, where it was purchased by Russian oiligarch Farkhad Akhmedov for $46.5 million as part of his attempt to conceal $600 million while divorcing his wife Tatiana Akhmedova.
Tatiana was awarded title to the Rothko, other art, a yacht, and an apartment, in 2016, but some of the assets had been secretly transferred to the feuding couple’s son, and in 2020, she was still suing to receive them. When Sotheby’s publishes the updated provenance, perhaps we’ll know if Tatiana is the present seller.