The German power company EON SE announced that it will sell Jackson Pollock’s “Number 5 (Elegant Lady)” on May 13 at Christie’s in New York. The work, which was painted by the Abstract Expressionist master in 1951, is expected to fetch between $15 million and $20 million. Proceeds from the sale will support EON’s art and culture spending for the next few years. The company currently owns around 1,800 artworks and boasts one of the most important corporate art collections in the world.
The Pollock painting was acquired by EON’s predecessor company, Veba AG, from the German art dealer Alfred Schmela. Schmela had purchased the work from New York’s Knoedler Gallery in the 1970s. The work has hung in the Museum Kunstpalast next to EON’s headquarters in Dusseldorf since 2001. EON, which became Germany’s largest utility provider in 2000, has been forced to cut costs as renewable power sources have gained popularity, significantly lowering the company’s profits.
Before its sale in New York in May, “Number 5 (Elegant Lady)” will be exhibited in Hong Kong and London.
