Old Masters Market Heats Up as Tiepolo and Hayez Paintings Exceed Expectations at Auction
While Miami prepares for the Contemporary art world of Art Basel, London saw a flurry of activity in the Old Masters market, with significant sales at two major evening auctions. Christie’s and Sotheby’s presented their offerings on December 3rd and 4th, separately, pulling in a combined total of £38 million for the 39 lots sold from the 48 offered, revealing the enduring appeal of classic masterpieces. Eleven works showcased remarkable bids venturing past the one-million-pound mark.
Though impressive, this pales in comparison to the remarkable single lot sold at the 20th Century auctions in New York this past November.
The reignited interest in Old Masters has attracted a broader range of connoisseurs, indicating a shift in art investment strategies. The hunt for the ultimate trophy artwork, often attributed to renowned Old Masters painters, was evident in both auctions.
A telling observation was the involvement of directors from departments specializing in 20th and 21st-century art placing significant bids on Old Masters pieces.
The approach adopted by each auction house diverged in its strategical approach. Christie’s initially offered seven lots without any reserve, with only one failing to meet expectations.
The competitive atmosphere surrounding the masterpiece by Francesco Hayez, where only one lot required third-party commitment, reflected the strong demand for high-quality images from the Venetian School.
Four lots offered by Sotheby’s benefited from third-party guarantees, highlighting their strategic investment in preserving highly prized works. This narrative held true for
Artemisia Gentileschi’s work, where the initial guarantee placed directly by Sotheby’s, ultimately, ensured its successful sale even with less prospective buyers than anticipated.
Tiepolo, Hayez and Marieschi Shine at Christie’s
It took Christie’s less than 45 minutes to secure bidders for 20 of the 23 lots presented, generating a total of £14 million from five sale exceeding one million pounds.
A compelling Van Dyck canvas, which divided opinions between the virgin and the child and his astute portrait of a white Andalusian horse on one
side and, distinctively, a rarely seen landscape on the other side. This unique work, by the then recently rediscovered and etched into art history with a two to three million pound estimate, ultimately sold for £3.4 million,
drawing appreciative eyes and robust bidding.
Significant emphasis fell on three Venetian artisans; Giambattista Tiepolo, whose painting depicting Venetian carnival celebrations sold close to £2.5 million, above its initial estimate. The vibrant canvas captures the spirit of the masked revelry, reflecting the allure of traditional themes.
The courageously presented
classic views of Venice by Michele Marieschi. These two rarely seen images, crafted in the bustling early 18th century, exceeded their pre sale high estimates, achieved without reserve.
Finally, the captivating ‘Bethsheba’ by Hayez, featuring the nude subject in a striking and life-size bath, contributing to the distinctively romanticized portrayal by the artist.
Notably, the sophisticated bathing beauty attracted interest from Giovanna Bertazzoni, head of art for the 20th and 21st Centuries at**.
This reflects the blurring lines between modern and old masters within the art market.
This alluring Venetian masterpiece proved emotionally evocative and fetched a sum of £1.5 million against its estimate of £600,000- £800,000.
What strategies did the auction houses Christie’s and Sotheby’s employ to achieve successful sales in the recent Old Masters auctions?
## Old Masters Market on Fire: An Interview
**Interviewer:** We’re coming to you live from London where the Old Masters market seems to be on fire! Two major auctions, Christie’s and Sotheby’s, just wrapped up, exceeding expectations with a combined £38 million in sales. Joining me is renowned art historian and auction expert, Dr. Emily Carter, to discuss this exciting trend.
Dr. Carter, welcome to the show!
**Dr. Carter:** Thank you for having me. It’s certainly been an exhilarating few days in the world of Old Masters.
**Interviewer:** Let’s talk about these auctions. While it may not rival the single-lot records set in the contemporary art scene in New York recently, £38 million is still a significant sum. What do these results tell us about the state of the Old Masters market?
**Dr. Carter:** It’s clear that the Old Masters market is experiencing a resurgence. We’re seeing a wider range of collectors drawn to these classical masterpieces, indicating a shift in investment strategies towards more historically significant works. There’s a definite hunt for “trophy artworks”—pieces by renowned Old Masters painters that carry prestige and historical weight.
**Interviewer:** (Nodding) We see that reflected in the impressive bids, some surpassing the one-million-pound mark for individual pieces.
**Dr. Carter:** Absolutely. And what’s particularly interesting is the participation of specialists from departments focusing on 20th and 21st-century art. This suggests a fluidity between artistic periods and a growing appreciation for the longevity and value of Old Masters.
**Interviewer:**
You mentioned the diverse strategies employed by the auction houses. Can you elaborate on that?
**Dr. Carter:** Certainly. Christie’s opted for a more daring approach, offering seven lots without a reserve price. This generated a competitive atmosphere and ultimately led to successful sales for the majority of those pieces. Sotheby’s, on the other hand, relied more heavily on third-party guarantees, strategically ensuring the sale of key lots like the Artemisia Gentileschi work, even when buyer interest was less intense.
**Interviewer:** Indeed,
it seems both strategies were successful in their own right. Dr. Carter, any final thoughts on this exciting trend in the art world?
**Dr. Carter:** The resurgence of the Old Masters market is a testament to the enduring power and appeal of these timeless works. It’s a market brimming with opportunity for both seasoned collectors and those newly discovering the joys of classic art.
**Interviewer:** Dr. Carter, thank you so much for providing your insightful analysis. This has been a fascinating discussion!
[[1](https://www.christies.com/en/events/old-master-week/what-is-on)]
