The tumultuous art market doesn’t seem to date itself, seeing the inept performance of Sotheby’s at the Modern and Contemporary Evening Auction, but one of the events that polish these falling figures is the auction of Old Masters by various auction houses. Getting to the crux, Christie’s summed up the Old Masters Evening Sale with a spectacular record-setting sale of Canaletto, brokering it for £31,935,000 ~ $43,774,159 (including fees).
Estimated at an already impressive $26.4 million, the painting sets a new record for the artist, surpassing the $32,746,478 (including fees) old record set by Sotheby’s in 2005 through Grand Canal from Palazzo Balbi to the Rialto.
The painting in discussion, Venice, the Return of the Bucintoro on Ascension Day, has appeared only twice at auction before, in 1751 and 1999. Further, what makes it a crucial work of Canaletto is its production during the “high point” of the artist’s career. Christie’s noted that the work is in “a remarkable state of preservation” and is the second most expensive work sold at the Old Masters Evening lagging behind only Rubens’s Lot and His Daughters in 2016.
The sale not only reaffirms the demands of the art market but is a testament to how buyers respond well to rare pieces of work, a pattern we have noted in the recent design auctions as well.
Other significant works sold at the Christie’s Old Masters Evening Sale are a still life by Jan Davidsz. De Heem for £3.67 million, a still life by Jan Van Huysum for £ 1.61 million, Portrait of a nobleman by Titian for £3.42 million, and Rembrandt’s Mother by Gerrit Dou for £2.09 million, among others.
Collecting £55,263,680, the auction witnessed a sale of 87% of the lot with 53% going for their estimated values, 5% achieving less than their lower estimate, and 28% surpassing their higher estimates.
Featured Image: Christie’s Old Masters Evening Sale, 1 July, 2025; Christie’s.
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