How Modern Art Serves the Rich
"During the late 1950s and 1960s, Robert and Ethel Scull, owners of a lucrative taxi company, became fixtures on the New York gallery circuit, buying up the work of then-emerging Abstract Expressionist, Minimalist, and Pop artists in droves. Described by Tom Wolfe as “the folk heroes of every social climber who ever hit New York”—Robert was a high school drop-out from the Bronx—the Sculls shrewdly recognized that establishing themselves as influential art collectors offered access to the upper echelons of Manhattan society in a way that nouveau riche “taxi tycoon” did not.
Then, on October 18, 1973, in front of a slew of television cameras and a packed salesroom at the auction house Sotheby Parke Bernet, they put 50 works from their collection up for sale, ultimately netting $2.2 million—an unheard of sum for contemporary American art. More spectacular was the disparity between what the Sculls had initially paid, in some cases only a few years prior to the sale, and the prices they commanded at auction: A painting by Cy Twombly, originally purchased for $750, went for $40,000; Jasper Johns’s Double White Map, bought in 1965 for around $10,000, sold for $240,000. Robert Rauschenberg, who had sold his 1958 work Thaw to the Sculls for $900 and now saw it bring in $85,000, infamously confronted Robert Scull after the sale, shoving the collector and accusing him of exploiting artists’ labor. In a scathing essay published the following month in New York magazine, titled “Profit Without Honor,” the critic Barbara Rose described the sale as the moment “when the art world collapsed.”
Read the rest of the article here: