Business & Finance

Georgia O’Keeffe Painting Discovered After 40 Years, Set for $2‑3 Million Auction

By TOI World Desk

A Georgia O’Keeffe oil on canvas, titled Near Abiquiu, New Mexico I, was bought by a New York family for $3,800 in 1963 and has now resurfaced after nearly four decades hidden in a closet beneath fur coats. The 10‑by‑24‑inch work, painted in 1930 and signed with O’Keeffe’s initials inside her star device, was originally acquired as a graduation gift from Downtown Gallery. It was displayed in the family’s Manhattan apartment until the 1980s, when the owner, a former Foreign Service employee, chose to store it away after a guest showed excessive interest. The painting remained in its original packaging, still bearing the gallery label, until it was found in 2022 by Betsy, a 65‑year‑old Rhode Island woman helping her elderly aunt prepare the apartment for health aides. The aunt, who passed away at 98, had kept the work in the closet for almost forty years. Christie’s is offering the piece in its 20th Century Evening Sale as lot 34A, with an estimate of $2 million to $3 million. Bidding will begin on November 18, and the painting will be displayed in a complimentary public exhibition from November 7 to 17 at 20 Rockefeller Center. According to Christie’s, the auction will bring a portion of the proceeds to an educational institution, with the remainder going to the family. The discovery provides a rare, direct link to the work’s early exhibition history, including a 1931 showing at An American Place in New York. The sale underscores the enduring market strength of O’Keeffe’s work and the potential value of pieces that have remained unseen for decades.