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. Estimate: $150,000-250,000. Sold for $605,000 to one of the Asian collectors. Image courtesy of Christie’s

ART AUCTION

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

BY KAZAD

NEW YORK, NY— Asian collectors were key in helping Christie’s achieve impressive results at the recent Old Master Paintings auction in New York. Of the 88 works on offer, 69 lots were sold, renewing global interest in the category. The art auction realized a total of $6,877,625 (£4,470,456 / €6,121,086).

Old Master Paintings at Christie’s

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 between $350,000 and $450,000.

Christie’s auction of Old Master Paintings brought together collectors from around the world, including America, Europe, Russia, and South America. Active bidding from Asian collectors, however, helped the auction house achieve an impressive outing during the sale of the old master paintings.

Asian Collectors Bought Top Lots

Francesco Guardi’s,  Venice, the Bacino di San Marco with the Departure of the Bucintoro, was one of the four top ten lots bought or underbid by Asian collectors. The painting had an estimate of between $150,000 and $250,000 but sold to an Asian collector for $605,000 (£393,250/€538,450). A painting by Franz Christoph Janneck (Graz 1703-1761 Vienna) was 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). The painting was estimated at between $250,000 and $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 an impact on 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 Christie’s Old Master paintings auction held in New York. Asian collectors bought four of the 10 paintings. All sold prices include the buyer’s premium.

1. Lot 19. Doménikos Theotokópoulos, called El Greco (Crete 1541-1614 Toledo), painted Saint Maurice, oil on canvas. Estimate: $300,000-500,000. Price realized: $1,085,000/£705,250/€965,650. Buyer: Russian Private
2. 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
3. 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
4. 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
5. 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
6. 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
7. 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 was $245,000/£159,250/€218,050. Buyer: Asian Private
8. 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
9. Lot 28. Charles-François Grenier de Lacroix,  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
10. 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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