As the Old Masters auction commenced at Sotheby's new headquarters on Madison Avenue, auctioneer David Pollack made a surprising announcement. The top-priced artwork, a two-sided panel by Antonello da Messina, was not going to be auctioned as it had been sold privately to a public institution for an impressive $14.9 million.
This remarkable piece, standing at just 8 inches, has been showcased in renowned institutions including Madrid's Museo Thyssen-Bornemisza and the Metropolitan Museum of Art in New York. Previously, the artist had a modest auction record, with only one notable work sold for approximately $409,850 at Christie's London in 2003.
Pollack expressed enthusiasm about the sale, stating, "It's a good one. You'll all be pleased." The auction week in New York coincided with Art Basel Qatar and featured significant sales at both Christie's and Sotheby's, achieving record prices for artists like Artemisia Gentileschi and Michelangelo.
Dealer Tom Davies noted the positive atmosphere at the auction, highlighting strong bidding and a significant turnout from museums, which he believed was beneficial for the art market. The week of auctions generated notable results, including the most expensive drawing ever sold by Rembrandt.
Despite a previous high-profile auction falling short of expectations, this week's events demonstrated the importance of realistic estimates in the art market. Experts remarked on how the recent sales exceeded modest expectations, with many artworks selling for less than their potential value.
Among the highlights, Sotheby's saw a remarkable $17.9 million sale for a Rembrandt drawing, shattering the artist's previous record for works on paper. Meanwhile, Christie's also achieved impressive results, with their Old Master sale totaling $54.1 million, marking the strongest performance in a decade.
Notably, the sale of Gentileschi's Self-Portrait as Saint Catherine set a new world record, selling for $5.7 million. The event showcased a blend of traditional and contemporary collectors, with many new bidders entering the Old Masters market.
In a fascinating twist, a previously unrecorded Michelangelo drawing, estimated at $1.5 million, sparked a bidding frenzy and ultimately sold for an astonishing $27.2 million, marking a new high for the artist.
As the art world continues to evolve, experts believe there is a growing interest in Old Masters among contemporary collectors, proving that these timeless works still captivate and inspire.
