As some of the famous lots remain unsold and auction houses search for rare works, an increased interest in the art market appears to be a strategy in deployment. One of these strategies is to replace the old collectors with new faces- a new generation that can supplement the growth for a longer duration. However, the understanding of their palette is still under study, and as the works of Old Masters have proven year after year to be successful, this year leaves behind new hopes alongside halfheartedly intent towards some lesser collections.
Being the highlight of this season, or perhaps the whole year I would say, Christie’s auctioned the work of Canaletto for $43.8 million, breaking the previous record set by Sotheby’s in 2005 of $24.6 million. Once owned by the first Prime Minister of Britain, Robert Walpole, the provenance of the artwork had high importance, alongside its origin in the successful years of the artist.
In addition to benefiting the prior owner with a solid 5.5% return, as per Micheal Moses of JP Mei & MA Moses Art Market Consultancy, which is more than the CAR of the other 43 Canaletto masterpieces that are active in sales database, the artwork helped the auction house in exceeding its overall higher estimate for the sale by 53%.
The sell-through rate of Christie’s Old Masters increased too, topping 99% compared to the previous best of 87% in 2012.
At the same time, the sale of Sotheby’s, varnished by the mastery of Artemisia Gentileschi, JMW Turner, Albrecht Dürer, Clara Peeters, and more the auction managed to sell 81% of its 31 lots with a fair 32% crossing their estimates.The sale collected $19.68 million, showing a subtle increase of 17% in revenue over the last summer sale. However, the auction remained dim for its inability to find buyers for important artworks such as the only Self Portrait of Clara Peeters, Interior Setting the Table by Vilhelm Hammershøi, and more.
One of the prime works of this sale was the recently rediscovered Turner that exceeded its early estimate of £300,000 and realized a value of £1,870,000.
Painted by the artist when the artist was only 17 and depicts a hot spring and spa known as Hot Wells House in Bristol, exemplifying the artist’s selection of rugged and moody landscapes. It is almost amusing when we see how the painting was valued at and sold for $506, before the painting was attributed to an unknown painter. The record for Turner’s work has been set at $47.4 million by Sotheby’s London Event in 2014 for Rome, from Mount Aventine (1835).
Another work that captivated buyers was the recently verified Artemisia Gentileschi’s David with the head of Goliath, realizing $2.7 million, just near its higher estimate by the auction house.
Speaking of Bonhams, George Gower’s Portrait of Sir Edward Monins of Waldershare (1575) crushed the high estimate of £300,000 and sold for £1.1 million ($1.5 million). Speaking to the Artnews, Lisa Greaves, Bonhams head of Old Master paintings, said that the sales results for this week
“are typical of the market the moment, in that the better works are performing more strongly than the middle market.”
It is only a matter of time before we see how these figures evolve and one of the more crucial aspects is to observe the lesser-known auction houses as they put rare but important artworks on sale. One of the recent examples is Piguet’s auction of Giovanni Battista Cimaroli for over $4,50,000 (excluding fees). While lesser works like such appear at their auctions, the performance is far superior and subtle when they do. Lastly, they are the best starting ground for new investors who are only playing their cards and require more experience to predict the right value and lack an advisor.
Featured Image: The Rising Squall, Hot Wells, from St. Vincent’s Rock, Bristol (1792) by JMW Turner; Sotheby’s.
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