New York Old Master sales deliver tepid results at Christie’s and Sotheby’s

The premier auctions amongst Christie’s and Sotheby’s winter gross sales of Previous Grasp works in New York this week did little to counter issues concerning the deteriorating marketplace for the classics.

Christie’s Previous Masters Half One sale, staged on Wednesday (31 January), limped to $10.9m ($13.8m with charges) in opposition to pre-sale expectations of $18m to $27.2m. (All pre-sale estimates exclude charges.) The equal sale in 2023 made $44.2 million with charges, about triple the premium-inclusive whole realised on this yr’s public sale.

Six of the 78 works had been withdrawn earlier than the motion started at Christie’s, together with Niccolo di Pietro Gerini’s multi-panel Scenes from the Ardour of Christ, which carried an estimate of $1.2m to $1.8m. Of the 72 tons that crossed the block, 30 had been purchased in, making the sell-through fee an unsettling 58%.

Early outcomes hinted on the market’s softness. The fourth and fifth tons, each oil-on-panel views of sea-faring vessels by Adriaen Cornelisz van Salm, offered to the identical nameless phone purchaser for $130,000 ($163,800 with charges) and $110,000 ($138,600 with charges) in opposition to an identical estimate ranges of $120,000 to $180,000 every.

Larger names additionally set sail to modest outcomes, together with Lucas Cranach the Elder’s bearded, armor-clad and sword-bearing portrait Henry IV the Religious, Duke of Saxony, Margrave of Meissen. The portray went to a different phone bidder for $280,000 ($352,800 with charges), simply above its $250,000 low expectation. Sir Peter Paul Rubens’s richly detailed Head examine of an previous girl with a veil, previously recognized as Maria Pypelinckx, the artist’s mom, trying down in profile to the left, relationship from the mid-1620s, offered to an nameless on-line bidder for a within-estimate $450,000 ($567,000 with charges).

The identical on-line bidder (wielding paddle quantity 3040) remained energetic all through the sale, nabbing not less than 4 different works. The spree included Guido Reni’s violet-robed The Penitent Magdalene, which hammered at its $80,000 low estimate ($100,800 with charges), and Jean-Honoré Fragonard’s considerably racy La Gimblette (The Ring Biscuit),that includes a semi-nude younger girl enjoying footsie together with her poodle in a rumpled mattress. The latter realised a within-estimate $600,000 ($756,000 with charges).

That on-line competitor sprinkled a little bit of spice onto what was in any other case a quite ho-hum sale.

‘An adjustment of expectations’

“It’s the same old story,” mentioned the London and New York vendor Edmondo di Robilant of Robilant + Voena. His response to the comparatively excessive variety of buy-ins was that “the estimates made them inconceivable to promote,” including: “There have to be an adjustment of expectations to the place the market is.”

A special view got here from the seasoned London vendor Johnny van Haeften, who purchased Jacob Duck’s atmospheric An Ensign seated in a guardroom, with officers enjoying at playing cards and a lady smoking by a chimney (1655) for what appeared a discount worth of $100,000 ($126,000 with charges) in opposition to an estimate of $200,000 to $300,000.

“Really,” mentioned van Haeften, “I feel it went very well for pretty nondescript photos. The market is sort of polarised now, there’s at all times competitors for excellent issues and persons are holding their hearth for them.”

Van Haeften additionally underbid Osias Beert’s A pewter plate of walnuts and hazelnuts, a glass of purple wine and a butterfly on a desk prime, an oil-on-panel nonetheless life from round 1610 that went to a phone bidder for $200,000 ($252,000 with charges). The portray was considered one of only a few tons that hammered properly above its excessive estimate—on this case, $150,000.

The only work within the sale by a lady artist happy expectations that it might provoke aggressive bidding. Artemisia Gentileschi’s seventeenth century Saint John the Baptist within the Wilderness, that includes the youthful saint bare-chested and partially draped in gold-hued robes, offered to a web based bidder (paddle quantity 3840) for $780,000 ($982,800) with charges, practically double the low estimate.

(One other lot by a lady painter, Anne Vallayer-Costa’s musical instrument nonetheless life, was withdrawn earlier than the sale; it bore a goal vary of $500,000 to $700,000.)

Just one lot within the sale hammered above the $1m mark. A cassone entrance depicting The Story of Coriolanus, by Giovanni di Ser Giovanni Guidi (referred to as Lo Scheggia), went for $1.25m ($1.6m with charges).

However the Bolognese painter Giulio Cesare Procaccini’s bloody Judith with the Head of Holofernes additionally got here shut, making $900,000 ($1.1m with charges). The portray final offered only one yr in the past, within the Fisch Davidson Assortment public sale at Sotheby’s in New York, the place it made a hair over $1m with charges. Name it a untimely re-entry.

The session closed with a whimper. The ultimate lot, Joseph Mallord William Turner’s snow-capped, page-sized pencil and watercolor sketch from the J.E. Safra assortment, went for $230,000 ($289,800 with charges), beneath its $300,000 low estimate.

All informed, nothing partially considered one of Christie’s Previous Masters sale may compete with the highest lot in its 30 January standalone public sale of 15 early Renaissance and Baroque sculptures from the Quentin Assortment, additionally staged as a part of what the home dubbed “Traditional Week”. There, Giambologna’s sultry Sleeping Nymph, forged round 1584, exceeded Christie’s wildest goals by fetching $4.9m ($6m with charges)—greater than quadruple its $1.2m excessive estimate.

A slight enchancment at Sotheby’s

The tempo and total high quality picked up a little bit of steam at Sotheby’s Grasp Work and Sculpture Half One on Thursday (1 February). The sale realised about $16.8m ($21m with charges) in opposition to pre-sale expectations of $22m to $33.7m. Nonetheless, 19 of the 49 tons provided went unsold, for a meager sell-through fee of 61%. The general whole additionally trailed final January’s equal sale, which made $23.6m ($28.8m with charges).

The morning session received off to a promising begin, as the primary two tons every hammered at their respective excessive estimate. Nardo di Cione’s two-panel, 14th-century tempera and gold floor composition Madonna Annunciate; Archangel Gabriel offered to a phone bidder for $800,000 ($1m with charges), earlier than Carlo Crivelli’s Fifteenth-century Apostle Holding a E-book, additionally in tempera and gold floor on panel, realised $1.2 million ($1.5m with charges). Each works had been assured by Sotheby’s and backed by irrevocable bids, often known as third-party ensures.

However outcomes for different works prompt the reserve, the confidential minimal worth at which loads may be offered, could have been dropped within the wake of Christie’s sub-par efficiency on Wednesday. The action-packed Triumph of Lucius Aemilius Paullus after the Battle of Pydna, additionally by Lo Scheggia, offered for $650,000 ($825,500 with charges) in opposition to a pre-sale estimate of $1m to $1.5m. The image was Aryanised by Reichmarschall Herman Göring in 1941 from the extraordinary inventory of Amsterdam artwork vendor Jacques Goudstikker and restituted to the latter’s heirs in 2006.

Bidding heated up for an additional Goudstikker entry, the Grasp of the Agilolphus Altar’s Sixteenth-century double portrait Saint Agricius of Trier and Saint Anno of Cologne, which rose to $900,000 ($1.1m with charges), properly above its estimate vary of $300,000 to $500,000.

A hanging and debonair Sir Anthony van Dyck Self-Portrait with Upturned Mustache and Raised Left Hand (1637-39) made its $2 million low goal ($2.4m with charges) and got here backed by an irrevocable bid. His older rival Peter Paul Rubens’s Self-Portrait of the Artist as a Younger Man (1610-11) fared worse. The portray handed on a chandelier bid of $2.4 million in opposition to an estimate of $3m to $5m—the best one left within the public sale after Diego Velázquez’s portrait of Isabel de Borbón, initially anticipated to promote for round $35m, was withdrawn in December.

Sir Joshua Reynolds’s first-rate Portrait of Nancy (née Parsons) Horton, deaccessioned by the Metropolitan Museum of Artwork to profit its acquisition fund, offered to Edmondo Di Robilant of Robilant + Voena for what appeared a discount worth of $450,000 ($571,500) in opposition to an estimate of $600,000 to $800,000. The Met had acquired the portray in 1945.

The Dutch had been in demand, too. One other work from the gathering of J.E. Safra, Salomon van Ruysdael’s Ships on the Boven-Merwede with Gorinchem within the Distance, signed on the gunwale of the foregrounded vessel and dated 1659 on its leeboard, sailed to $1.6m ($2m with charges). The next lot, Adam Willaerts’ busy oil on panel Dutch ships off a Rocky Coast with a Fishmarket on the Seashore (1620), offered to London vendor Johnny van Haeften for a within-estimate $260,000 ($330,200).

Again to the public sale’s 4 seven-figure gross sales: Luis Meléndez’s elaborate and considerably surreal Nonetheless Lifetime of Artichokes and Tomatoes in a Panorama introduced $1.65m ($2.1m with charges), and the ultimate lot of the session, Gustav Bauernfeind’s late Nineteenth-century Holy Land depiction The Western Wall, took prime lot honours by hammering for $2.8m ($3.4m with charges), slightly below its excessive estimate of $3m.

Maybe Sotheby’s different biggest success got here on Wednesday (31 January) throughout A Scholar Collects, one of many half-dozen or so “curated” mini-sales held throughout what the home calls Masters Week. There, a pastel by Élisabeth Louise Vigée Le Brun, Self-Portrait in Touring Costume (1816), fetched $2.5m ($3.1m with charges), a document for a piece on paper by an Previous Grasp girl artist at public sale.

Nonetheless, the few highlights of the week couldn’t outshine the sense of disappointment within the room after Sotheby’s Grasp Work and Sculpture Half One.

As the skinny crowd emptied out of the morning session, a famous London vendor poked this journalist’s arm and mentioned, “I’ve 4 phrases for you: higher sale, higher outcome.”