LONDON: This week, the enduring appeal of masterworks from the past was once again reaffirmed, with Sotheby's (NYSE: BID) London auctions of Old Master Paintings, sculpture, works of art, furniture, and medieval and Renaissance books bringing a combined total of USD 44.8 million (GBP33.3 million), well within pre-sale expectations.
Over the course of five days (1-6 December), 6,700 people visited Sotheby's London exhibition and participants in the sales spanned four continents, with Asian, Russian and Latin American bidding, and an increase in Middle Eastern participation.
Old Masters
The two-day sale of Old Masters sales totaled $37,831,567 (GBP28,229,575) (estimate. GBP22.4-32.5 million), bringing Sotheby's 2017 London total in this category to GBP94,397,851 ($123,255,630), a significant increase on last year's figures.
The Old Master Evening Sale totaled $33,578,117 (GBP25,048,950) (estimate. GBP18.5-26.9 million).
82% of lots sold
Half of the lots sold above the high estimates
6 auction records established (with four artists new to auction)
Over half of the lots offered had not appeared on the market for over 40 years:
10% had been in the same collection for over 150 years
Top lot: Joseph Wright of Derby's An Academy by Lamplight from 1769 sold for $9,736,990 (GBP7,263,700) (estimate. GBP2.5-3.5 million) - an auction record for the artist
A detailed post-sale release is available here.
Other Highlights from the Week:
A Venetian Legacy - An Italian Private Collection
Passionately assembled by a discreet private collector, this collection of fine Italian furniture, Old Master paintings and sculpture realised GBP2,517,162 ($3,379,038), above the high estimate (est. GBP1.5 - 2.3 million), with 92% of the lots sold. Assembled as a personal homage to Venice, the collection was led by a beautiful 16th-century Florentine terracotta relief by Benedetto and Santi Buglioni, depicting the Adoration of the Christ Child, which soared to GBP218,750 ($293,650), five times the pre-sale estimate (est. GBP40,000-60,000).
Medieval and Renaissance Manuscripts and Continental and Russian Books
The sale also surpassed the pre-sale expectations and totalled GBP1,325,942 ($1,779,945) (est. GBP1.1 - 1.5 million). The top lot was a magnificent Book of Hours of the Russian Princess Isabel Gagarine, in Latin and French [France (Paris), c.1440-50] which fetched GBP225,000 ($302,040), well above the estimate of GBP60,000-80,000.
Old Master Sculpture & Works of Art
Comprising a diverse selection of Medieval, Renaissance, Baroque and Neoclassical works, Sotheby's sale of Old Master Sculpture & Works of Art on 5 December brought a total of GBP1,369,663 ($1,838,636). The auction was led by a magnificent 16th-century Nautilus, a rare survival of Netherlandish shell work carved and engraved by the most prominent master of this craft, Cornelis Bellekin, which sold for GBP175,000 ($234,920).
Sotheby's next exhibitions and auctions of Old Master Paintings, Drawings and Sculpture will take place in New York from January 26 through February 2, 2018.
