Results: Sotheby's London Old Master & British Painting Evening Sale

On July 3rd Sotehby's held its London Old Master and British Paintings evening sale.  The sale, by many accounts was rather good with many records being broken. The segment is typically more subdued then contemporary art, but there was strong sales through out the sale and bidding activity from 33 countries.

Sotheby's reports the sale totaled $53.13 million including buyers premiums. The pre sale estimate total was $35.47 million to $55.58 million.  The sale offered 47 lots, with 37 selling, for a respectable 78.7% sell through rate.  The sale sold a strong 90.7% by value.

The top selling lot was by El Greco, selling to a European private collector for $13.88 million including buyers premium (see image).  This was a new auction record for a Spanish Old Master painting.  The pre sale estimate for the painting was $4.48 million to $7.47 million.  Of the top 10 selling lots, 6 sold for above the high estimate and four sold between the estimates.

Sotheby's reported on the sale

3rd July 2013 – This evening, an unprecedented level of participation from new markets propelled Sotheby’s London Evening Sale of Old Master & British Paintings to £35,048,000. Collectors from 33 countries took part in the sale with record numbers from Asia and the Middle East. More than 400 years since El Greco executed Saint Dominic in Prayer in early 17th century Toledo, bidders from new markets battled tenaciously for this this powerfully expressive work which was appearing at auction for the first time. They drove the price to £9,154,500 (est. £3-5 million), a new record for a Spanish Old Master and the highest price across London’s Old Masters sales this week.

In total, 8 auction records tumbled tonight, including that for Claude-Joseph Vernet, whose outstanding View of Avignon from the right bank of the Rhône outstripped pre-sale expectations to realise £5,346,500 (est. £3-5million). A new auction record for a female Old Master artist was also established when Rachel Ruysch’s Still Life of roses from 1710 achieved £1,650,000 (est. £1-1.5million).

 The sale featured two works by El Greco – the first time in living memory that two masterworks by the artist were offered in the same auction: Saint Dominic in Prayer, £9,154,500 (est: £3.5-5m) set a record for a painting by a Spanish artist, Christ on the Cross sold for £3,442,500 (est: £3-5m).
 Over 40% of lots sold achieved prices above presale estimates
 8 new artist records established
 7 lots over £1 million

Source: Sotheby's