Bunny Mellon’s Estate Auctions for $218 Million

The auction of Rachel “Bunny” Lambert Mellon’s estate procured $218.1 million at Sotheby’s in New York.  The1,521 objects owned by Mellon included furnishings, jewelry, and collectibles such as a $39.9 million Mark Rothko painting.

Collectors sought a piece of the history of the American socialite, who was married to the late banking heir Paul Mellon.  Sotheby’s reported more than 5,000 visitors came to see the collection in one week at its New York headquarters.  “It was a very specific, particular taste.  People reacted so strongly to it because it was an endorsement of a lifestyle, a country club aesthetic.” 

Mellon’s name increased prices for less prestigious lots.  A painted rabbit shaped cast-iron doorstop estimated at $250, sold for $5,313.  “I couldn’t believe the prices people were paying for these things.  You could easily find the same thing—not owned by Bunny Mellon—at a much better price.”

Proceeds will benefit the Gerard B. Lambert Foundation, a charity Mellon established in honor of her father. 

See Bloomberg News, Mellon Estate Sale Fetches $218 Million, Led by Rothkos, Rabbit, Private Wealth, Nov. 25, 2014.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.