Sotheby's Results
February 1 2024
Picture: Sotheby's
Posted by Adam Busiakiewicz:
The Sotheby's New York Part I Old Master Paintings sale realised $21,022,110 today with 30 out of 53 lots being sold (sell-through rate of 61.2% / or 56.6% inc. withdrawn lots).*
As per yesterday, the auction got off to a rather good start with an early panel by the Master of the Agilolphus Altar realising $1,143,000 (all results inc. fees) over and estimate of $300k - $500k and a Swabian School religious panel making $406,500 over its estimate of $150k - $250k. Later on, a Portrait of the Earl of Buckinghamshire by Gainsborough realised $304,800 over its $100k - $150k estimate, a beautifully preserved Scipio Pulzone portrait realised $406,400 over its $200k - $300k estimate and a handsome Batoni portrait realised $381,000 over $150 - $250k. The top Old Master of the sale (excluding a $3.4m 19th century view of The Western Wall, which was a bit of an outlier) was Van Dyck's Self Portrait sold to a single bidder at $2m hammer (making $2,430,000 inc. fees).
Amongst the top lots that failed to sell was the rediscovered Self Portrait by Rubens, alongside a Murillo, Orazio Gentileschi, Coypel and a withdrawn Baschenis.
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Overall, the results were rather mixed for the 2024 New York season. The relatively large amounts of unsold lots for both auction houses is suggestive that a realignment for values and estimates is probably due on works from certain categories. As ever, paintings that are fresh to the market and in tip-top condition still tend to do best. It seems clear that with the continued rather squeezed supply of fresh and desirable pictures, the competition between the auction houses will be fiercer than ever in order to secure top consignments which can make all the difference (inc. the awaited sale of the $35m Velazquez).
There are still many signs to be hopeful, though! I haven't mentioned the successful A Scholar Collects: The Joseph Baillio Collection sale yesterday, which realised some very impressive prices for works by Élisabeth Louise Vigée Le Brun. In particular, her Self Portrait made a staggering $3,085,000 over its estimate of $700k - $1m. The Legion of Honor Museum in San Francisco has already announced its acquisition of Vigée Le Brun's very intimate The Little Eugène de Montesquiou-Fézensac Asleep which made $215,900 over its $40k - $60k estimate. It seems that works by women artists continue to soar ever higher, a feature of both the Sotheby's and Christie's sales.
* - 4 lots were withdrawn from the sale.
