Results: Christie's London Old Master and British Paintings Sale

Last week Christie's held its Old Master and British Paintings sale.  The sale did not make much noise, and sold a total of $36.28 million (including buyers premiums).

The sale offered 52 lots with 36 selling, for a fair sell through rate of 69%.  The top selling lot was Giovanni Antonio Canal, called Canaletto (Venice 1697-1768), The Molo, Venice, from the Bacino di San Marco (see image).  It sold for $12.87 million (including buyers premium) against a pre sale estimate of $5.97 million to $8.95 million.  Of the top ten lots, 7 sold above the high estimate while 3 were sold within the pre sale estimates.

Christie's reported on the sale

London, 2 July 2013 – Christie’s evening auction of Old Master & British Paintings realised £23,852,300 / $36,279,348 / €27,740,225. The sale attracted buyers from 11 countries across 4 continents. The top price was paid for a glittering view of Venice by Canaletto (1697-1768) painted at the height of his powers, The Molo, Venice, from the Bacino di San Marco, which realised £8,461,875 / $12,870,512 / €9,841,161 (estimate: £4-6 million).

Georgina Wilsenach, Head of Old Master & British Paintings at Christie’s London: “This sale saw strong prices for paintings from all schools, particularly Italian, Flemish and British. We welcomed, once again, bidders from Asia, the Middle East, South America and Russia as well as the traditional markets of Europe and America, with buyers this evening from 11 countries across 4 continents. This resulted in the impressive price for the Canaletto, which doubled its pre-sale estimate.”

Top Lot: The Molo, Venice, from the Bacino di San Marco, a beautifully preserved masterpiece by Canaletto (1697-1768) executed at the height of his powers in the 1730s, realised £8,461,875 / $12,870,512 / €9,841,161 (estimate: £4-6 million). This work is from the artist’s famous sequence of views of the Molo from the Bacino, showing the greatest religious and secular monuments at the heart of Venice. Bathed in a clear, luminous light, the celebrated buildings are meticulously described and are skillfully enlivened by the hustle and bustle of the boats and figures in the foreground. This exceptional canvas – one of the largest of this type of composition – was supplied to Edward Howard, 9th Duke of Norfolk (1686-1777), who was a major British artistic patron of the day; it passed by descent in the family until the 1970s.