Sotheby's strode ahead of rival Christie's after a bullish 98-lot sale of old master paintings that totalled a hefty $78.6m this morning (est $53.2-$74.3m). ARTKABINETT social network for fine art collectors is proud to offer user member an "old master" category to display these historic works.
“It was outstanding. I haven't seen an auction like this for many years,” said Colnaghi director Konrad Bernheimer.
The energetic sale set new records for several artists, including Dutch Mannerist Joachim Anthonisz Wtewael, whose small painting, Adam and Eve (pictured left), around 1610-1615, sold for $6.2m (est. $800,000-$1.2m. Hammer price $5.5m).
Twelve works fetched seven-figures sums, including Gerrit Dou's An Elderly Woman..., around 1631-35, which hammered at $4.7m (est $2m-$3m. Total $5.3m with premium).
The packed salesroom started to swivel in its seats when a bidding war broke out for Claude-Joseph Vernet's A Grand View of the Sea Shore..., 1776, which tripled its $2m high-estimate to hammer at a record $6.2m (est $1.5m-$2m. Total $7m, with premium).
The painting once belonged to the Beaverbrook Art Gallery in Fredericton, Canada and was consigned by the UK-based Beaverbrook Foundation, which gained title to the work in September along with over 40 others in an out-of-court settlement after a lengthy legal battle.
It went to New York based art advisor Carol Strone, who said she was buying on behalf of a private US collector. Strone was also an underbidder on Vernet's A Mediterranean Harbor at Sunset..., 1761, which went for $2.1m on the phones (est $1m-$1.5m. Total $2.4m with premium).
Things felt flatter when auctioneer Henry Wyndham opened bidding for Titian's A Sacra Conversione {see previous AK FILE}, around 1560, at $12m. Not a single paddle went up in the room for a work which trade sources say lacks Titian's trademark flair.
Nevertheless, the painting hammered at its low estimate of $15m (est $15m-$20m. Total $16.9m with buyer's premium added), going to a private European on the phone, and breaking the artist's previous record of $13.6m, set at Christie's 20 years ago.
There was surprise when Lucas Cranach II's striking Portrait of a Lady..., 1541 (photo right), was brought in after bidding failed to go past the reserve (est $3m-$4m). A selection of British paintings ended the otherwise sparkling sale with a whimper when works including J.M.W. Turner's Mountain Landscape, Bonneville, Savoy, around 1802-1806, (est. $1.2m-$1.8m), failed to find buyers.
Despite these disappointments, the mood was upbeat and the sale robust, selling 74% by lot and 86% by value. “The results show that the market is very strong—the prices were good, the pictures were great and there was a lot of excitement in the room,” said Wyndham.
The auction felt lightyears away from the poorly attended and lacklustre two-part auction held at Christie's the previous day, where the 299-lot sales totalled $36.7m, falling short of the $39m to $56m pre-sale estimates.
Christie's sold 70% by both lot and value, with an 18th-century painting by Luca Carlevarijs, View of the Molo, Venice, Looking West (below right), fetching the highest price of $4m (est $3.5m-$4.5m), setting a record for the artist at auction.
Overall, the Christie's sales showed the strains of a lack of supply: great old master paintings were few and far between, and buyers proved selective as mediocre works struggled to find a market.
Sotheby's had simply swooped up the best material: “Sotheby's did a great job—they had some fantastic works,” said dealer Giovanni Sarti.
The Sotheby's sale has left the dealers feeling optimistic ahead of the European Fine Art fair at Maastricht next month (18-27 March).
“It's extremely positive, though for us poor dealers it's more and more difficult to buy at the auctions,” said Bernheimer, who added cheerfully: “But that's not necessarily a bad thing—it just means we will have to put our prices up!”
