Leonardo's 'Salvator Mundi' to be sold at Christie's (ctd.)

October 12 2017

Picture: Robert Simon Fine Art

Sarah P. Hanson in The Art Newspaper reports that the Salvator Mundi has been guaranteed by a third party. This means that the painting is effectively sold - if the painting makes more than the reserve (I presume something near the $100m estimate), then the guarantor gets a slice of the upside. If nobody bids, the guarantor gets the painting. So Christie's have already pulled off quite a coup here - bravo. I think this must explain the confidence with which they're launching the picture into a contemporary art sale in November. This was a bold and risky move, and had the painting completely 'bought in' it would have been an epic fail.

Now, it's clear that the potential sale to the guarantor represents a sizeable loss to the vendor, Russian collector Dmitry Rybolovlev, who is believed to have paid around $125m for the painting in 2013. But that said, I think many would argue that $125m was a 'full' price, and in any case, we now know that it's a long way from the about $70m-$80m which Mr Rybolovlev's adviser, Yves Bouvier, allegedly paid for the painting. 

Of course, it's possible the painting may spark a bidding war, and prove us all wrong.

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