Editor’s note: This story originally appeared in On Balance, art news Newsletter about the art market and beyond. Register here Receive it every Wednesday.
At Sotheby’s Old Masters and 19th-Century Paintings evening sale last Thursday, British chairman Harry Dalmeny attracted bids from potential buyers with a slender silver crown and custom pinstripe tailoring. It’s no secret that the typical Old Master collector is both wealthy and approaching twilight years. Much has been written about how this corner of the market desperately needs to attract new, younger collectors. But that anxiety seemed to be further dispelled as the sale generated an impressive $30.6 million (plus fees), soaring past the overall soft art market’s high estimate of $25 million. (Unless otherwise noted, all numbers reported here include buyer’s premium.)
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Senior figures at Sotheby’s – including Alex Branczik, head of the company’s modern and contemporary art department – answered calls for various buyers on either side of Dalmeny. The biggest triumph of the evening was a 15th-century painting by Sandro Botticelli Enthronement of the Virgin and Childsold after ten minutes of frantic bidding among nine parties. Blanchik’s client offered a high price. The final transaction price: $12.6 million, more than three times the high estimate of $4 million.
At an exuberant post-sale dinner, Blanchik told me that contemporary and modern collectors are increasingly diversifying their portfolios by turning to Old Masters. “What’s not to love about a Botticelli or a Rembrandt hanging next to a Rothko or a Picasso?” he said.
Chloe Stead, Sotheby’s global head of Old Master private sales, added that Thursday night’s sale “sends an important signal about the health of the market.” Stead said 75% of the lots had never been at auction before or hadn’t even come to market at all in the past half-century. She said this “proves that fresh material priced right will attract the attention of established master collectors and new buyers alike”.
Stead explained that the aging collector base is a challenge for every sales category, not just Old Masters. “When young collectors have access to old masters, it’s not that difficult,” she added.
Nearly 60 percent of the lots sold at Thursday’s auction exceeded their high estimates, with six works selling for more than $1 million. The paintings include rediscovered works by Rosso Fiorentino Virgin and Child with Saint John the Baptist (c. 1514-17), the painting sold for a record $3.64 million, while George Stubbs’ spanish pointer (c. 1766-68), sold for $2.28 million.
Milo Dickenson, managing director of London’s Old Masters gallery Dickenson, attended the auction. He told me that although the most important Old Master collectors are still typically in their 50s or 60s, he has seen a shift in attitudes among younger collectors, who now view the works as “classic but not outdated and in line with other collectors.” It is of very high value.” to contemporary art. “
“As a result, more and more contemporary buyers are purchasing some Old Master works for their collections,” said Dickenson, who is in his 30s. “This is a real trend happening right now. Someone bought a Tintoretto from us and he couldn’t believe its value. We also recently sold a Peter Riley to a new collector (Peter Lely).”
In October, during the Biennale Internationale Antiques di Florence (BIAF), Italy’s leading old masters fair, Dickenson told me that the key to attracting younger customers is “storytelling.” “Instagram is a really important place to find new buyers. It’s worked well for us – we’ve got new customers in their 30s and 40s,” he said. “At the end of the day, it has to be fun.”
Sotheby’s London Old Master Prints sale takes place on December 6, the day after its Old Masters and 19th Century Paintings Evening Sale. Print sales totaled more than $1.8 million (plus fees), with a sell-through rate of 87%. Another encouraging sign for the market is that nearly a quarter of the buyers were new to the home.
A 10-minute stroll along Mayfair, Christie’s hosted the first part of its own Old Masters sale on 3 December. Clementine Sinclair, the auction house’s head of Old Masters, said there was also more crossover between collectors and buyers loyal to the category. People who have purchased previously in other areas. Sinclair said nearly 80 percent of the auction houses’ clients participating in Old Masters sales are also modern and contemporary buyers, what Christie’s calls “20/21” collectors.
Christie’s first Old Masters auction this month exceeded expectations, raising $18 million, including 23 lots with a high estimate of $13.5 million. (Expectations may be lower due to market conditions; last year’s equivalent sales were $30 million). The auction featured a double-sided painting by Anthony van Dyck from around 1621, which sold for $4.35 million.
Sinclair said clichés about the dwindling supply of Old Master paintings (due to changing tastes and provenance issues, for example) and the difficulty of connecting with younger buyers were “alarmist”. “Commissioning great work doesn’t get any harder,” she said. “The supply of Old Masters spans six centuries – there will always be great works out there and our recent results prove that if you offer A-grade works, people will buy them.”
When asked whether Christie’s has recently stepped up efforts to encourage contemporary clients to get involved in the Old Masters market, Sinclair sidestepped the question. “Christie’s has always offered a diverse range of works across different collection categories, whether it’s a professional sale or a private collection sale,” she said. “This gives our clients access to a rich body of work. While some buyers choose a more focused approach, many will collect across a variety of areas.”
Sotheby’s Branczik was more explicit. “We’ve been witnessing and encouraging cross-category collecting for many years and it’s really rewarding to see this being put into practice in such an exciting way. [Thursday’s] for sale,” he told me. “While some of the best collectors are always on the lookout for great art, regardless of when it was created, we are in a privileged position at auction houses that allows us to see it in unexpected places and promote these synergies. “
At BIAF in October, I asked dealers about their efforts to attract younger customers. Like Dickenson, Flavio Gianassi, founder of London-based FG Fine Art Ltd, says it’s all about storytelling.
“Works that express curiosity or a specific theme and have important provenance are the ones that are most interesting to young people,” Janassi said. “It’s also important to help young collectors explore the world, reassure them about protecting their works, provide them with information and help educate their eyes.”
Anthony Crichton-Stuart, director of London’s Agnews Gallery, said he was not worried about collectors of older masters. “We just need to make our market as attractive as possible to new and younger buyers and demonstrate its continued relevance.”
Fabrizio Moretti, BIAF secretary-general, doesn’t mince words. “I believe we need new blood because the old blood is dead,” he said. “I think if you create a somewhat interesting event by having charity dinners and other events, we will hopefully attract new people to come to the Biennale and maybe some of them will be inspired to start collecting works by the old masters. We There’s a wide range of items available, ranging from $50,000 to millions of dollars, and there’s something for everyone. ”
