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Asian Collectors Renew Interest in Old Masters at Christie’s

Francesco Guardi (Venice 1712-1793), Venice, the Bacino di San Marco with the Departure of the Bucintoro, oil on canvas. Image courtesy of Christie's

Francesco Guardi (Venice 1712-1793), Venice, the Bacino di San Marco with the Departure of the Bucintoro, oil on canvas. Estimate: $150,000-250,000. Sold for $605,000 to Asian collector. Image courtesy of Christie’s

ART AUCTION

Active bidding from Asian collectors helps Christie’s archive strong results for old masters

BY KAZAD

Doménikos Theotokópoulos called El Greco (Crete 1541-1614 Toledo), Saint Maurice, oil on canvas. Estimate: $300,000-500,000. Sold for $1,085,000

NEW YORK, NY.- Asian collectors helped Christie’s archive strong results at the auction of old master paintings in New York. At the auction, 88 old master paintings were offered and 69 lots were sold. The auction realized a total of $6,877 (625/£ 4,470,456 /€  6,121,086), renewing interest in painting by old masters.

The top lot at Christie’s Old Master Painting auction was Saint Maurice by Doménikos Theotokópoulos called El Greco (Crete 1541-1614 Toledo). The oil on canvas painting estimated at $300,000-500,000 realized $1,085,000. A Wooded Landscape with Travelers on a Path by Jan Breughel I (Brussels 1568-1625 Antwerp), sold for $1,013,000 (£658,450 /€901,570). The oil on panel was estimated at $350,000-450,000.

Christie’s auction of Old Master Paintings attracted collectors from across the globe, including America, Europe, Russian, South America. Active bidding from Asian collectors, however, did much to help Christie’s archive an impressive outing during the sale of the old master paintings.

One of the 4 of the top 10 lots bought or underbid by Asian collectors include Francesco Guardi’s Venice, the Bacino di San Marco with the Departure of the Bucintoro. The oil on canvas estimated at $ 150,000-250,000 sold to an Asian collector for $605,000 (£393,250 /€538,450). A painting by Franz Christoph Janneck (Graz 1703-1761 Vienna) also sold to an Asian collector. Titled A musical Banquet in a Palace; and Elegant Figures Dancing and Merrymaking in a Palace, the oil on copper dated 1752 sold for $245,000 (£159,250 / €218,050). It was estimated at $250,000-350,000.

Speaking on the exceptional outing, Francois de Poortere, Head of Old Master Paintings, New York, acknowledges the impact of the Asian collectors. He comments:

The strong sell through rates were a result of the fresh to the market works and private collections offered, as well as new buyers entering the field. Bidding was truly global with participation from collectors in America, Europe, Russian, South America – and notably, 4 of the top 10 lots were bought or underbid by Asian collectors.  We are pleased with the strong results for the restituted works from the collection of Jacques Goudstikker with 86% of the group selling, and we look forward to Christie’s Old Masters sale in July in London.

ART AUCTION NEWS | READ ALSO: China’s Eccentric Art Collector Liu Yiqian Boosts Asia’s Art Market

Asian collectors continue to make great impact in the global art auction. Last year, Chinese Billionaire Liu Yiqian paid $45 Million for a highly important imperial embroidered silk Thangka. Many of the paintings sold at the Christie’s auction of Old Master Paintings were fresh to the art market. While this was a major source of inspiration for the Asian collectors, the incursion of new buyers and collectors from across the globe helped elevate the outcome of the Christie’s Old Master Paintings auction

Below are the top ten paintings sold at the Christie’s Old Master paintings auction held in New York. 4 of the 10 paintings were bought by Asian collectors. All sold prices include buyer’s premium.

Lot 19. Doménikos Theotokópoulos called El Greco (Crete 1541-1614 Toledo), Saint Maurice, oil on canvas. Estimate: $300,000-500,000. Price Realized: $1,085,000/£705,250 /€965,650. Buyer: Russian Private

Lot 18. Jan Breughel I (Brussels 1568-1625 Antwerp), A wooded landscape with travelers on a path, oil on panel. Estimate: $350,000-450,000. Price Realized: $1,013,000 /£658,450 /€901,570. Buyer: Anonymous

Lot 49. Francesco Guardi (Venice 1712-1793), Venice, the Bacino di San Marco with the Departure of the Bucintoro, oil on canvas. Estimate: $150,000-250,000. Price Realized: $605,000 /£393,250 /€538,450. Buyer: Asian Private

Lot 30. Jan Frans van Dael (Antwerp 1764-1840 Paris), Peonies, roses, tulips, an iris and other flowers in an alabaster vase on a stone ledge with fruit, oil on canvas, dated 1814. Estimate: $350,000-550,000. Price Realized: $365,000 /£237,250 /€324,850. Buyer: Anonymous

Lot 40. Francesco Solimena (Canale di Serino 1657-1747 Barra), Noli me tangere, oil on copper. Estimate: $150,000-250,000. Price Realized: $353,000 /£229,450 /€314,170. Buyer: European Private

Lot 35. Giovanni Antonio Guardi (Vienna 1699-1760 Venice), Apollo; and Diana, oil on canvas. Estimate: $220,000-260,000. Price Realized: $245,000 /£159,250 /€218,050. Buyer: US Private

Lot 29. Franz Christoph Janneck (Graz 1703-1761 Vienna), A musical banquet in a palace; and Elegant figures dancing and merrymaking in a palace, oil on copper, dated 1752. Estimate: $250,000-350,000. Price Realized: $245,000/ £159,250 / €218,050. Buyer: Asian Private

Lot 32. Alessandro Allori (Florence 1535-1607), Laocoön, oil on panel. Estimate: $200,000-300,000. Price Realized: $197,000, £128,050, €175,330. Buyer: European Private

Lot 28. Charles-François Grenier de Lacroix, called Lacroix de Marseille (Marseille c. 1700-1782 Berlin), A Mediterranean port at dawn dated 1763. Estimate: $ 80,000-120,000. Price Realized: $149,000/£96,850/€132,610. Buyer: US Private

Ferdinand Bol (Dordrecht 1616-1680 Amsterdam), Portrait of a lady, traditionally identified as Maria Louise Gonzaga(1611-1667), Queen of Poland, half-length, in a red dress and gold-embroidered shawl, oil on canvas. Estimate: $150,000-250,000. Price Realized: $149,000/£96,850 /€132,610. Buyer: US Private

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