Paul Allen’s billion-dollar art collection to be auctioned

Los Angeles Rams v Seattle Seahawks
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Speculation recently emerged that, sooner than later, the NFL (and NBA) franchises owned by the late Paul Allen will be sold. For now, his immense art collection is for sale.

Via the Associated Press, roughly 150 items worth more than $1 billion will be auctioned through Christie’s.

“These works mean so much to so many, and I know that Christie’s will ensure their respectful dispersal to generate tremendous value for philanthropic pursuits in accordance with Paul’s wishes,” said his sister, Jody, who currently serves as controlling owner of the Seahawks.

The reference to “philanthropic pursuits” is significant in this context. The issue of a potential sale of the Seahawks and the Portland Trail Blazers emerged due to a report that Paul Allen’s trust requires that his assets must be liquidated with the proceeds going to Allen’s “passion projects.” Also, when Jody Allen issued a statement in July explaining that the Seahawks are not currently for sale, she added this: “A time will come when that changes given Paul’s plans to dedicate the vast majority of his wealth to philanthropy, but estates of this size and complexity can take 10 to 20 years to wind down. There is no pre-ordained timeline by which the teams must be sold.”

The most important date is May 1, 2024. Any sale of the Seahawks before May 2024 requires 10 percent of the proceeds to go to the state of Washington, a term of the deal to build the team’s current stadium. With the Seahawks likely to generate $5 billion or more, that’s a large chunk of money that would come off the top of the transaction. At this point, it’s easy enough to wait another 20 months to sell.

Eventually, the Seahawks will be sold. The sale of Paul Allen’s billion-dollar art collection underscores the fact that it’s just a matter of time.

10 responses to “Paul Allen’s billion-dollar art collection to be auctioned

  1. Included in the collection are Carrol’s stick-figure renderings of his QB choices this year.

  2. I wonder what it’s like to buy all sorts of random junk and know that millions of children go to bed hungry.

  3. While I wouldn’t hold my breath, it’s possible that Jody Allen may sell the team before May 2024 as an indication to Seattle and Washington State that she wants the Seahawks to remain in Seattle – a 10 percent cut to the State of Washington would be a goodwill gesture of thanks to the State and city for building the current stadium, which (never been there myself) appears to be beautiful

  4. The entire proceeds of the auction will go to charitable causes that Allen supported. We urge all billionaires to do the same.

  5. Oh great, I have been looking to flesh out my own art collection with an original signed Dogs Playing Poker.

    Anybody know if that is that among the items offered?

  6. Jody will sell the team when she is good and ready OR JUST hold onto it for years as the value will hits 7 billion dollars in a few more years. Can do more good with 7 billion than 4 billion

  7. So to put this in perspective, the pegulas bought the buffalo bills for $1.4 billion during 2014. Wow.Rich people live in a different world than us peasants.

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