An unprecedented level of bids and buys from new markets propelled Sotheby’s sale in London of Old Master & British Paintings to GBP 35 mln on Wednesday. Collectors from 33 countries took part in the auction with record numbers from Asia and the Middle East.
More than 400 years since El Greco executed ‘Saint Dominic in Prayer’ in 15th century Toledo, bidders from new markets battled tenaciously for this powerfully expressive work which was appearing at auction for the first time. It was part of the property from the Gustav Rau Collection sold to benefit the German Committee for Unicef, raising some GBP 12.5 mln.
Bidders drove the price to GBP 9,154,500, up from the initial estimate of 3-5 mln, a new record for a Spanish Old Master and the highest price across London’s Old Masters sales this week.
In total, eight auction records were achieved, including that for Claude-Joseph Vernet, whose outstanding ‘View of Avignon from the right bank of the Rhône’ outstripped pre-sale expectations to realise GBP 5,346,500 (est. 3-5 mln). A new auction record for a female Old Master artist was also established when Rachel Ruysch’s ‘Still Life’ of roses from 1710 achieved GBP 1,650,000 (est. 1-1.5 mln).
“The greatest Old Master paintings have a timeless quality that transcends their era and gives them a relevance to audiences today, as tonight’s global bidding and record result for El Greco attest,” said Alex Bell, Worldwide Head of Sotheby’s Old Master Paintings, adding that “the dialogue between Old and New is injecting fresh energy into our field.”
“We’re now firmly in a new era, where clients from new markets are collecting Old Masters in new ways. Our response has been to offer the most exciting and diverse works we can find – and to present them a more contemporary way.”
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’ set a record for a painting by a Spanish artist, ‘Christ on the Cross’ sold for GBP 3,442,500 (est: 3-5 mln).
Over 40% of lots sold achieved prices above presale estimates, with seven lots selling for over GBP 1 mln.
Follow: www.twitter.com/sothebys
Join: www.facebook.com/sothebys
Watch: www.youtube.com/sothebys
