A geometric painting of red, yellow, and blue planes by Piet Mondrian set the tone for a high-stakes auction week in New York on Monday evening (12 May), fetching US$47.6 million at Christie’s amid global financial uncertainty and newly reinstated tariffs.
The 1922 canvas, Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue, became the third-highest auction result for the Dutch modernist, trailing Mondrian’s US$51 million record set in 2022 with Composition No. II. Estimated at US$40 to 50 million, the work attracted two bidders and hammered at US$41 million to a phone buyer (paddle number 7130) represented by Christie’s Global President Alex Rotter.
The painting was consigned by Louise Riggio, widow of Barnes & Noble founder Leonard Riggio, who died last August at 83. After his passing, she decided to downsize their Park Avenue apartment and sold 39 modern masterworks from their home.
Auctioneer Adrian Meyer hammered the lot at US$41 million
Titled Leonard & Louise Riggio: Collected Works, the sale – the largest single-owner offering of the season – brought in a total of nearly US$272 million, with one work unsold and another withdrawn ahead of the auction. The total hammer price, excluding buyer's premium, was nearly US$228.6 million, falling short of Christie's total low estimate of US$252 million.
Other highlights from the Riggio Collection included René Magritte’s Empire of Lights – the first canvas in the series – which sold for US$34.9 million; and Picasso’s 1937 portrait of Lee Miller – one of the greatest photographers of WWII – which brought US$28 million.
To secure the estate, Christie’s offered a financial guarantee on the entire collection and arranged irrevocable bids on two-thirds of the lot – including the top three – ensuring they were certain to sell.
The Riggios’ Park Avenue apartment
Barnes & Noble was once the largest bookseller in the United States
Leonard Riggio, the founder of Barnes & Noble, was known for transforming the bookstore into a cultural hub in the 1990s and early 2000s – a place where readers could linger for hours with coffee, music, and thousands of titles. A self-made entrepreneur, he began collecting art seriously in the 1990s with his wife, Louise, after encountering Richard Serra’s Torqued Ellipses at Dia Chelsea – an experience that sparked his passion for large-scale, minimalist works.
That encounter led to his ongoing patronage of the Dia Art Foundation and the creation of Dia:Beacon, the renowned contemporary art museum he helped bring to life in 2003. The couple’s collection grew to include major works by Mondrian, Magritte, Picasso, Alberto Giacometti, Andy Warhol, and Serra himself – whose monumental Sidewinder now sits on their Bridgehampton property, visible from Google Earth.
Riggio was often seen at major auctions, paddle in hand, bidding on multimillion-dollar works. While he gravitated toward postwar and contemporary art – particularly minimalist, conceptual, and Arte Povera pieces – Louise leaned toward more historical works. Together, they assembled one of the most significant private collections of 20th-century art in the U.S., and the sale offered an intimate look at the couple’s tastes – not just as collectors, but as people who lived with the art every day.
The Mondrian painting hung in the entryway of the Riggios’ Park Avenue apartment
Lot 13 A | Piet Mondrian (1872-1944) | Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue, oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in Paris in 1922
54 x 53.3 cm
Provenance:
- Antony Kok, Tilburg and Leiden (acquired from the artist, 1922)
- Henri-Georges Doll, New York and Ridgefield, Connecticut (acquired from the above through Nelly van Doesburg, 21 May 1952); Estate sale, Christie’s, New York, 12 May 1992, lot 142
- Private collection, Monte Carlo (acquired at the above sale)
- Blains Fine Art, London (acquired from the above)
- Acquired from the above by the present owner, 1 March 2000
Estimate upon request (Expected to fetch in the region of US$40 - 50 million)
Hammer Price: US$41,000,000
Sold: US$47,650,000
Hung in the entryway of the Riggios’ Park Avenue apartment for decades, Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue was acquired by the couple in 2000. The painting last appeared at auction in 1992, fetching nearly US$2.6 million (approximately US$5.9 million today, adjusted for inflation) at Christie’s, as part of the estate of French-American engineer and collector Henri-Georges Doll.
Mondrian painted the work in 1922, at a turning point in his career. Living in Paris and immersed in the city’s avant-garde circles, he was deep into his exploration of Neo-Plasticism – the radical approach to abstraction he had pioneered just a few years earlier in response to the chaos of the First World War.
Stripping painting down to its most basic elements – straight lines, primary colors, and the non-colors black, white, and gray – Mondrian sought to create a universal visual language rooted in harmony and balance.
Christie’s Global President Alex Rotter won the lot for his client, paddle number 7130
Piet Mondrian | Composition No. II (1930) | 51 x 51cm | Sold: US$51,000,000, Sotheby's New York, 2022 (Auction record for the artist)
While many artists in postwar Europe were returning to figuration and classical ideals, Mondrian moved in the opposite direction, refining his abstract vocabulary with increasing precision. After relocating from the Netherlands to Paris in 1919, he quickly departed from the modular grids and soft transitions of his earlier work. By the end of 1920, he had completed his first fully realized Neo-Plastic compositions.
The following two years marked a period of intense experimentation. Mondrian created more than thirty Neo-Plastic works – roughly a fifth of his total output in the style – testing the limits of this radically reduced visual vocabulary. “It is not enough to place side by side a red, a blue, a yellow, and a grey, because that remains merely decorative,” he wrote in De Stijl magazine. “It has to be the right red, blue, yellow, grey, etc.: each right in itself and right in relation to the others.”
Piet Mondrian | Composition C (1920) | MoMA, New York
Mondrian’s studio at 26 rue du Départ in Montparnasse
He worked from a studio at 26 rue du Départ in Montparnasse, which he transformed into what he described as “a new design for living”: the white walls were covered with geometric cardboard cutouts in primary colors, carefully arranged according to Neo-Plastic principles; all the objects there, including the few pieces of furniture he had and his treasured gramophone player, were painted in bright hues.
American sculptor Alexander Calder, who would later pioneer kinetic sculpture, recalled his first visit to the studio: “Though I had often heard the word ‘modern’ before, I did not consciously know or feel the term ‘abstract.’ So now, at thirty-two, I wanted to paint and work in the abstract.”
It was in this environment – part studio, part manifesto – that Mondrian produced Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue. Unlike other works from the same period, where black lines often appear to extend beyond the canvas, here they taper off at the edges, creating a more contained and deliberate arrangement. Throughout 1922, Mondrian continued to adjust line thickness, color placement, and the overall compositional balance, using the square canvas as a field for visual problem-solving.
Piet Mondrian and Nelly van Doesburg in Mondrian’s studio, 1923
Piet Mondrian | Composition with Yellow, Blue, and Blue-White (1922) | The Menil Collection, Houston
The present lot
The painting was acquired directly from the artist in 1922 by Antony Kok, a poet and founding member of De Stijl. Kok had met artist and editor Theo van Doesburg in 1914 and soon became part of the magazine’s inner circle, contributing experimental sound poetry and essays on modern life.
He grew close to Mondrian during the artist’s return to Paris and commissioned two works that year. Letters from the summer of 1922 suggest that one was completed quickly, while Mondrian spent several months refining the second – likely this composition. Both were delivered the following spring.
Kok kept the painting for decades, until the early 1950s, when Nelly van Doesburg – a dancer and longtime promoter of the movement – helped place four works from his collection with prominent American collectors during a trip to New York. Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue was acquired by Doll, and is the last of that group to remain in private hands.
Another highly anticipated lot of the evening was Magritte’s Empire of Lights (1949), measuring 48.5 × 58.8 cm – a smaller version of last year’s record-setting US$121 million canvas, which sold to billionaire Ken Griffin at Christie’s. The first of 17 oil paintings in the iconic series, this work was originally sold to Nelson A. Rockefeller in 1950 and later acquired by Riggio at Christie’s New York in 2023 for US$34.9 million.
Returning to the auction block just two years later with a guarantee, it failed to ignite significant interest, hammering for US$30 million after just two bids placed by Alex Rotter's client (paddle number 7093). With fees, it fetched US$34.9 million – matching its previous price and marking the second-highest result of the night.
Lot 18 A | René Magritte (1898-1967) | L'empire des lumières, oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in 1949
48.2 x 58.7 cm
Provenance:
- Alexander Iolas Gallery, New York (acquired from the artist, August 1949)
- Hugo Gallery, New York (acquired from the above)
- Nelson A. Rockefeller, New York (acquired from the above, 30 March 1950)
- Louise Auchincloss Boyer, New York (gift from the above, December 1950)
- Gordon Auchincloss Robbins, New York (by descent from the above, July 1974)
- Louis K. Meisel Gallery, New York (acquired from the above)
- Daniel Filipacchi, Paris (acquired from the above, 1974)
- Byron Gallery, New York (by 1978)
- Private collection (acquired from the above, 1981); sale, Christie's, New York, 13 November 2017, lot 12A
- Private collection (acquired at the above sale); sale, Christie's, New York, 10 November 2023, lot 16B
- Acquired at the above sale by the present owner
Estimate upon request (Expected to fetch in excess of $30 million)
Hammer Price: US$30,000,000
Sold: US$34,910,000
One of the night’s most sought-after works was Picasso’s Femme à la coiffe d’Arlésienne sur fond vert (Lee Miller), painted in 1937 while the artist was vacationing with a circle of Surrealists in Mougins in the South of France, far from the political unrest in Paris. It was a carefree, creatively fertile summer that would inspire some of Picasso’s most vibrant portraits.
Opening at US$14 million, the painting drew competition from at least two phone bidders and two in the room. After around ten bids, it hammered at US$24 million to Cyanne Chutkow, Deputy Chairman of Impressionist and Modern Art, for her client (paddle number 2426). With fees, it sold for US$28 million.
Lot 5 A | Pablo Picasso (1881-1973) | Femme à la coiffe d'Arlésienne sur fond vert (Lee Miller), oil and Ripolin on canvas | Leonard & Louise Riggio: Collected Works
Painted in Mougins on 2 September 1937
81 x 65.1 cm
Provenance:
- Estate of the artist
- Bernard Ruiz Picasso, Paris (by descent from the above)
- PaceWildenstein, New York (acquired from the above)
- Acquired from the above by the present owner, 22 May 2007
Estimate: US$20,000,000 - 30,000,000
Hammer Price: US$24,000,000
Sold: US$28,010,000
The Riggios’ collection also featured several standout works by Alberto Giacometti. Femme de Venise I – one of the earliest sculptures in the artist’s groundbreaking series – realized US$17.7 million. A major multi-figure composition conceived in 1950 sold for US$10.8 million, while the 1954 painting Nu dans l’atelier (Annette) fetched US$8.5 million.
The momentum around Giacometti continues later today: on the evening of 13 May, Sotheby’s will offer another major sculpture by the artist – a bust of his brother Diego – estimated at US$70 million and carrying no guarantee. It is the highest-estimated lot of the season.
Lot 7 A | Alberto Giacometti (1901-1966) | Femme de Venise I, bronze with brown and green patina | Leonard & Louise Riggio: Collected Works
Conceived in 1956; this bronze version cast in 1958
Numbered 6/6
Height: 105.1 cm
Provenance:
- Galerie Maeght, Paris
- Galerie Claude Bernard, Paris
- Anon. sale, Parke-Bernet Galleries, New York, 26 February 1970, lot 62
- Private collection, United States
- Galerie Beyeler, Basel (acquired from the above, 1997)
- Michael N. Altman & Co., New York (acquired from the above)
- Thomas Gibson Fine Art Ltd, London
- Jeffrey H. Loria & Co., Inc., New York
- Acquired from the above by the present owner, 13 May 1998
Estimate: US$15,000,000 - 20,000,000
Hammer Price: US$15,000,000
Sold: US$17,660,000
Lot 23 A | Alberto Giacometti (1901-1966) | Composition avec trois figures et une tête (La Place), bronze with dark brown patina | Leonard & Louise Riggio: Collected Works
Conceived in 1950; this bronze version cast before July 1952
Numbered 6/6
56.5 x 55.2 x 41.9 cm
Provenance:
- Galerie Maeght, Paris
- Sidney Janis Gallery, New York (acquired from the above, 1964)
- PaceWildenstein, New York (acquired from the above)
- Acquired from the above by the present owner, 24 July 2001
Estimate: US$9,000,000 - 12,000,000
Hammer Price: US$9,000,000
Sold: US$10,760,000
Lot 11 A | Alberto Giacometti (1901-1966) | Nu dans l'atelier (Annette), oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in 1954
100 x 80.5 cm
Provenance:
- Philippe Dotremont, Brussels (by 1960)
- Gianni Malabarba, Milan (by 1962)
- Private collection, Monte Carlo
- The Pace Gallery, New York (acquired from the above)
- Acquired from the above by the present owner, 11 November 1994
Estimate: US$7,000,000 - 10,000,000
Hammer Price: US$7,000,000
Sold: US$8,460,000
Other Highlight Lots:
Lot 8 A | René Magritte (1898-1967) | Les droits de l'homme, oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in 1947-1948
144.8 x 114.6 cm
Provenance:
- Irving Abbey, New York (acquired from the artist, 1949)
- Alexander Iolas Gallery, New York (by 1960)
- Galleria del Naviglio, Milan (by 1962)
- Private collection, Venice (acquired from the above); sale, Christie's, London, 26 March 1984, lot 36
- Marisa del Re Gallery, New York (acquired at the above sale)
- The Pace Gallery, New York (acquired from the above)
- Mark Goodson, New York (acquired from the above, 17 December 1985)
- PaceWildenstein, New York (acquired from the above)
- Acquired from the above by the present owner, 24 October 1996
Estimate: US$15,000,000 - 20,000,000
Hammer Price: US$13,500,000
Sold: US$15,935,000
Lot 12 A | Barbara Hepworth (1903-1975) | The Family of Man: Figure 2, Ancestor II, bronze with dark brown and green patina | Leonard & Louise Riggio: Collected Works
Conceived in 1970; this bronze version cast in 1974
Numbered 4⁄4
Height: 278 cm
Provenance:
- Estate of the artist
- PaceWildenstein, New York (acquired from the above)
- Acquired from the above by the present owner, 1996
Estimate: US$8,000,000 - 12,000,000
Hammer Price: US$8,000,000
Sold: US$9,610,000
Lot 22 A | Mark Rothko (1903-1970) | Untitled, acrylic on paper laid down on panel | Leonard & Louise Riggio: Collected Works
Painted in 1968
147 x 103.5 cm
Provenance:
- Estate of the artist
- Kate Rothko Prizel, New York, 1988
- Pace Gallery, New York
- Acquired from the above by the present owner, 2016
Estimate: US$8,000,000 - 12,000,000
Hammer Price: US$7,000,000
Sold: US$8,460,000
Lot 27 A | Pablo Picasso (1881-1973) | Mère et enfant, oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in Dinard in summer 1922
130.2 x 96.8 cm
Provenance:
- Estate of the artist
- Jacqueline Roque-Picasso, Mougins (by descent from the above)
- Catherine Hutin-Blay, Aix-en-Provence (by descent from the above)
- PaceWildenstein, New York (acquired from the above)
- Acquired from the above by the present owner, 25 May 1995
Estimate: US$9,000,000 - 12,000,000
Hammer Price: US$6,000,000
Sold: US$7,310,000
Lot 16 A | Gerhard Richter (b.1932) | Abstraktes Bild, oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in 2009
200 x 300 cm
Provenance:
- Marian Goodman Gallery, New York
- Acquired from the above by the present owner, 2009
Estimate: US$7,000,000 - 10,000,000
Hammer Price: US$7,000,000
Sold: US$8,460,000
Lot 19 A | Fernand Leger (1881-1955) | Les trois personnages devant le jardin, oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in 1922
65 x 92 cm
Provenance:
- Galerie Simon (Daniel-Henry Kahnweiler), Paris
- (Possibly) Galerie Louise Leiris (Daniel-Henry Kahnweiler), Paris
- Galerie Georges Bernheim, Paris
- Eliane Oppenheimer, Paris
- Niveau Gallery, New York
- Ralph F. and Georgia T. Colin, New York (possibly by 1948, until at least 1970)
- Private collection, New York
- Anon. (acquired from the above, 1999); sale, Christie’s, New York, 8 November 2006, lot 44
- Acquired at the above sale by the present owner
Estimate: US$7,000,000 - 10,000,000
Hammer Price: US$6,700,000
Sold: US$8,115,000
Lot 17 A | Andy Warhol (1928-1987) | The Last Supper, acrylic and silkscreen ink on canvas | Leonard & Louise Riggio: Collected Works
Executed in 1986
101.6 x 101.6 cm
Provenance:
- Estate of Alexander Iolas, Milan, acquired directly from the artist, 1986
- Their sale; Sotheby’s, New York, 5 May 1994, lot 216
- Froehlich Collection, Stuttgart
- Anon. sale; Sotheby’s, New York, 9 November 2010, lot 16
- Acquired at the above sale by the present owner
Estimate: US$6,500,000 - 8,500,000
Hammer Price: US$5,800,000
Sold: US$7,068,000
Lot 1 A | Balthus (1908-2001) | Jeune fille en vert et rouge (Le Chandelier), oil on canvas | Leonard & Louise Riggio: Collected Works
Painted in 1944-1945
91.8 x 90.8 cm
Provenance:
- M. Puech, Paris
- Eugène Marich, Paris
- Frank Perls Gallery, Beverly Hills (probably acquired from the above)
- Pierre Matisse Gallery, New York (acquired from the above)
- Helen Acheson, New York (acquired from the above, 22 May 1963)
- The Museum of Modern Art, New York (bequest from the above, 1978, and until 1997)
- PaceWildenstein, New York (acquired from the above)
- Acquired from the above by the present owner, 6 August 1997
Estimate: US$2,000,000 - 3,000,000
Hammer Price: US$2,750,000
Sold: US$3,377,500
Auction Details:
Auction House: Christie's New York
Sale: Leonard & Louise Riggio: Collected Works
Date: 12 May 2025
Number of Lots: 38
Sold: 37
Unsold: 1
Sale Rate: 97%
Sale Total: US$271,943,100