Velasquez knocked down at £2.6m

December 7 2011

Image of Velasquez knocked down at £2.6m

Picture: Bonhams

The newly discovered Velasquez at Bonhams sold for £2.6m hammer today. The estimate was £2-3m, and most observers thought that it would go way beyond that. It's strange how the market can sometimes get the jitters at the last moment.

The buyer, New York dealer Otto Naumann, is surprised with his bargain: 

I was amazed... I was prepared to pay double that. It was very dirty. Maybe people were worried how it would clean. It was bought for stock. I will do what dealers do, restore it and try to get more.

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