There’s New Money in Old Masters
London’s Classics Week Old Masters evening sales at Christie’s and Sotheby’s totaled £76.7 million ($101.6 million), a 9.4% increase over the same auctions last year, according to Artnet News. Sotheby’s reported that about 20% of buyers in its Old Masters evening sale were new to the auction house and nearly a quarter of lots were bought by collectors new to the category, suggesting fresh demand driven by “discovery” rather than a simple top-end market rebound. At Christie’s £38.9 million ($51.4 million) evening sale on Tuesday, six artist records were set, including two for Jan van Huysum: an undated still life sold for £6.52 million ($8.65 million) against a £3 million–£4 million estimate, and a 1734 floral bouquet sold for £5.54 million ($7.35 million) against a £2.5 million–£3.5 million estimate. Advisor Evan Beard said a “new breed” of collectors from technology backgrounds is increasingly interested in Old Masters, a segment where limited supply can sharply separate demand for top works from the rest.
From This Briefing
This story was covered in Museums on Tour, Money Haunts Masterpieces