Bob Guccione Art

Art Brokerage: Bob Guccione was founder and publisher of Penthouse magazine. Due to his lack of money and other resources, Guccione himself photographed most of the models for the magazine's early issues. Lacking professional training, Guccione applied his knowledge of painting to his photography, establishing the diffused, soft focus-look that would become one of the trademarks of the magazine's pictorials. Guccione would sometimes take several days to complete a shoot. While somewhat unsuccessful as a recognized artist, his unique artwork surfaces occasionally. Guccione was a painter, but better known as a world-renowned collector of fine art. Highlights of the Guccione collection included a portrait by Amedeo Modigliani and a portrait of the artist's son, Paulo, by Pablo Picasso. Guccione also owned paintings by Sandro Botticelli, Albrecht Dürer, El Greco, Marc Chagall, Salvador Dalí, Giorgio de Chirico, Edgar Degas, Fernand Léger, Gilbert Stone, Henri Matisse, Jules Pascin, Camille Pissarro, Pierre-Auguste Renoir, Georges Henri Rouault, Chaïm Soutine, and Vincent van Gogh. The Guccione art collection was sold at auction by Sotheby's in November 2002 to pay Guccione's personal debts. The collection was appraised by Christie's at $59 million two years before. However, September 11, 2001 had depressed the art market and the Guccione collection failed to achieve its appraised price. The aggregate sale price was $19 million, which was used to pay Swiss Re, the lender. Swiss Re sued Guccione in New York State Court for a $4 million shortfall on the loan balance. Bob Guccione died on 10/20/10; at the age of 79.