Rockefeller Estate Auction Ignites Frenzy Among Several Pieces

The name Rockefeller was once reviled as the epitome of ruthless and heartless capitalism. Now the name is spoken with the same reverence for being in par as American royalty. This change was in part due to converting much of their wealth to philanthropy.

Over 1,500 items from the estate of Peggy and David Rockefeller came up for auction on Tuesday at Christie’s in New York. Many items were understandably well sought after, including paintings by modern artist Pablo Picasso. Other pieces were not advertised as much. However, there’s a premium for simply owning something that possesses the Rockefeller name. Jonathan Rendell, Christie’s deputy chairman states, “You can’t calculate it.”

Online bidding started the first of May. A 14-karat money clip shaped like Rockefeller Center has reached $26,000 after only being projected to be worth $800 to $1,200.  A pair of 3-inch porcelain tigers have garnered a price tag of 10 times their estimated $500.

See Katya Kazakina, Rockefeller Trove Ignites Frenzy with $26,000 Money Clip, Financial Advisor Magazine, May 7, 2018.

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