Iftikar Ahmed
Christie’s and Sotheby’s recently held mid-season Old Masters sales in New York, which collectively generated $12.9 million in sales. While this figure is modest compared to auctions featuring higher-value lots, specialists at both auction houses are dismissing concerns about the health of the Old Masters market.
In recent years, the dominance of Old Masters in the art market has diminished. According to the Art Basel and UBS Art Market report for 2022, European Old Masters accounted for just 4% of the total sales, which amounted to $67.8 billion. This decline in market share is reflective of changing trends and interests among collectors and buyers.
Christie’s New York conducted two sales contributing to the overall figure. One was a second auction of a collection of paintings amassed by Jacqui Eli Safra, a film producer and member of the Swiss Lebanese banking family. This sale, without a reserve price, garnered $2.6 million ($3.2 million with fees). The other was a seasonal Old Masters sale that achieved $2.4 million ($3 million with fees).
At Sotheby’s, the most valuable lot was Jan Brueghel the Elder’s painting titled “A village landscape with a market” from 1613, which sold for $889,000 including fees. Notably, a painting of Pompon, Marie Antoinette’s pet dog, by Jacques Barthélémy Delamarre surpassed expectations. With no reserve price, the artwork attracted 15 bidders and eventually sold for $279,400 with fees, setting a new auction record for Delamarre’s work. Sotheby’s also conducted a separate 19th-century art sale on May 24th, which grossed $1 million, including fees.
While the overall sales figures may seem modest compared to other categories in the art market, specialists are confident in the resilience of the Old Masters market. The decline in market share can be attributed to evolving tastes and preferences among collectors, with contemporary and modern art gaining more prominence. However, there is still a dedicated audience for Old Masters, and notable sales like the one by Sotheby’s demonstrate that unique and historically significant artworks can generate excitement and surpass expectations.
Ultimately, the Old Masters market continues to hold its place within the broader art market, albeit with a smaller market share. Collectors and enthusiasts of European Old Masters remain engaged, and auction houses continue to curate sales that cater to their interests. While the market may have shifted, the allure of these timeless masterpieces endures, attracting both seasoned collectors and new buyers who appreciate the rich artistic legacy of the Old Masters.
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