ART: Focus on Old Masters

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The most recent Art Research Technologies report is out, focusing on the Old Master sector.  The reports has some interesting analysis, including that the sector in 2010 did not outperform 2009 results.  The report gives some interesting numbers and discusses the upcoming sales. The chart shows activity on Canaletto and his rivals.

Thinking back to 2009 which was in general a poor market for many sectors, and if I recall the Old Master sector was considered a safer alternative when compared to contemporary.  When markets are in turmoil like they were in 2009 investors and collectors tend to gravitate toward safer sectors, such as Old Masters.  As we know in 2010, many sectors bounced back, and perhaps that was to the detriment of Old Masters.

ART states

UNLIKE MOST auction categories, the Old Master sector did not perform better in 2010 than it did in 2009. Although sell-through rates improved slightly, going from 62% in 2009 to 64% in 2010, the category's gross actually fell by 3%. Next week, Christie's and Sotheby's will test the waters for the Old Master market in 2011. Nearly 1,000 Old Master and 19th-century works of art will hit the block in New York--about the same amount that the market saw in January 2010.

Overall, estimates at both houses are up slightly from last January; the average mid-estimate on a work next week is $155,716, compared to $135,881 last year. Sotheby's sale on the 27th has already captured the attention of the press with its tiny but highly-estimated Titian: The religious scene is expected to bring $15 million to $20 million. If it sells within its estimate, it will set an auction record for Titian. Such highly estimated lots are typically reserved for sales later in the year; the houses have not presented an Old Master lot this expensive in a January sale since Sotheby's offered Rembrandt's Saint James the Greater in 2007.

Christie's, meanwhile, is offering the typical January fare. Its projected top lot is View of the Molo, Venice, Looking West a work by Luca Carlevaris that is estimated to bring $3.5 million to $4.5 million; the house is also featuring a notable Venetian view by Canaletto.

5 Stats on Old Master Art

1. Last year, Sotheby's average price for an Old Master artwork was 69% higher than its 2006 level, growing from $87,955 to $148,555.

2. Since 2006, 50% of Gerrit Dou's works have sold above their estimates, including An Old Bearded Man, which more than doubled its estimate at Sotheby's last November.

3. Since 2006, the most expensive Canaletto to hit the market was a Venetian scene that brought $9,667,485 in 2007 and spurred a 669% increase in his average price over its 2006 level.

4. About 84% of Pompeo Girolamo Batoni's paintings measure less than 2,000 square inches, but Christie's forthcoming cover lot, Venus Caressing Cupid, measures 2,067 square inches, and size is correlated with price in Batoni's market.

5. Since 2005, Lucas Cranach the Younger's prices have frequently surpassed the houses' expectations; his average price has been 45% greater than his average mid-estimate.

For more numbers on the Old Master art market,
purchase the latest edition of The ART Report.