Sotheby's Old Master sale makes £35m
July 4 2013
Video: Sotheby's
There seemed to be stronger bidding all round at Sotheby's Old Master sale last night, so the total of £35m against Christie's £23.8m isn't surprising. The comparison between Sotheby's and Christie's totals is a little tortoise and hare - despite there being fewer 'star' pictures, Sotheby's sale was perhaps stronger in depth, and, crucially, the estimates were on the right side of realistic. For example, my favourite lot in the sale, the series of six Tiepolo frescoes featured in the video above, were estimated at what I thought was a reasonable £3-5m, and just scraped home, making £3.2m with premium.
Sotheby's press release says:
An unprecedented level of participation from new markets propelled Sotheby’s London Evening Sale of Old Master & British Paintings to £35,048,000. Collectors from 33 countries took part in the sale with record numbers from Asia and the Middle East. More than 400 years since El Greco executed Saint Dominic in Prayer in early 17th-century Toledo, bidders from new markets battled tenaciously for this powerfully expressive work which was appearing at auction for the first time. They drove the price to £9,154,500 (est. £3-5million), a new record for a Spanish Old Master and the highest price across London’s Old Masters sales this week.
In total, 8 auction records tumbled tonight, including that for Claude-Joseph Vernet, whose outstanding View of Avignon from the right bank of the Rhône outstripped pre-sale expectations to realise £5,346,500 (est. £3-5million). A new auction record for a female Old Master artist was also established when Rachel Ruysch’s Still Life of Roses from 1710 achieved £1,650,000 (est. £1-1.5million).
There was a bit of drama when Sotheby's phone bidder lost their connection on the £9.1m El Greco at £7.1m. The auctioneer, Henry Wyndham (as I've said here before, the best in the business) was about to put the hammer down, after waiting what seemed an age. But at the last moment connection was re-established, and £2m later the person with the dodgy mobile walked away the winner. I imagine they were sitting casually on their yacht, drifting in and out of signal on the Cote d'Azur.
PS - I'm aware there's been lots of other non-market related art history news this week, so sorry for the paucity of stories. This crazy week is nearly over, and the blog'll be back to normal soon.
Update - the Vernet was bought by Axa insurance for the Louvre. More details here.
