Preview of Old Masters

Susan Moore of the Financial Times has a good article previewing next weeks Old Master sales. Sotheby's London will hold its Old Master and British Paintings sale on Dec 9th and 10th while Christies Holds its Old Master and 19th Century sale on the 8th and 9th.  Moore reminds us that over the past year we have seen slimmed down catalogs, and perhaps less then top level works of art being offered.  Moore claims that is not the case with the upcoming Old Master sales at both Christie's and Sotheby's.

Moore makes the case that Old Master sales have not been as negatively impacted by sales declines as in other market segments.  The Old Master market segment has continued to see quality items up for sale, and these upcoming sales are no different with the potential for some record prices.  The Raphael drawing (see image) is expected to sell for between $19.6 million and $26 million and possibly set a new record for an old master drawing.

Perhaps the only downside of the sales are the limited number of lots in the evening sales, with Sotheby's at 51 and Christies at 43.  But the names are very impressive, including Rapael, Rembrandt, Rubens,and Van Dyck. It will be interesting to see if the stability in this sale, with the quality offered continues with the trend of strong sales in the Old Master market segment.

Moore states

What is striking about the London Old Master sales this December is that they offer not only the most desirable but also the absolutely exceptional. Christie’s evening sale of Old Masters and 19th-century Art on December 8 flourishes one of the most celebrated Raphael drawings remaining in private hands, and a new auction record for an Old Master drawing is expected. A bravura, little-known portrait by Rembrandt of his most admired late period also takes a bow, accompanied by the highest auction estimate ever given to an Old Master painting.

Rather better known – to patrons of Glyndebourne at least – is another museum-quality work of art, the monumental Domenichino that has long hung tantalisingly high on the balcony of the manor’s music room.

Sotheby’s, on December 9, offers other outstanding portraits: an arresting and hitherto unrecorded early Rubens, and Van Dyck’s last self-portrait. But in terms of lots these sales are not big offerings. Christie’s evening sale fields just 43 works, Sothebys has 51 lots on offer.

It is tempting to argue that the unusual consistency and solid strength of the Old Master market has encouraged owners to consign their masterpieces. Even as the chill fog of economic gloom began to shroud the art market last autumn, the December sales not only saw record prices paid for the outstanding, but surprisingly high sums for the less remarkable. Were buyers inclining to more traditional tastes and values, or seeing Old Masters as a safe haven for their money? The subsequent round of sales in July again saw estimates and prices no lower than they might have been a few years before, more auction records and sales rates of over 90 per cent in value. Perhaps only sales of jewellery have fared better.

To read the Financial Times preview click HERE. Note: At times the FT articles are avaialbel, and other times registration is required.