Sotheby’s recently sold 55 Old Man works, collected by Jordan and Thomas A. Saunders III, have generated only $64.7 million over decades, far below the initial estimate of $80 million to $120 million.
The single sale on May 21 involves works from the 16th to the early 19th century, including works produced throughout Europe. 43 batches of sales were withdrawn before the auction, and 17 times since the incident did not sell. This produces a sad sell rate of 58.5%; that number is even lower considering withdrawals. All works have a house guarantee, while 16 companies have a third-party guarantee.
Another 14 pieces from the Sanders collection were auctioned on sale on May 22. All land guarantees Sotheby’s sale, but five of them were not sold, with a price of 58.3%.
Experts say the low selling rate for evening sales is due to overestimated estimates, changing tastes of buyers of old masterpieces, timing of auctions and a lot of guarantees.
“Buyers’ response to the warranty, both internal and third-party warranty,” Nicholas Hall, former head of Christie’s Old Masters’ division, told The Buyer. Artnews. “I think buyers prefer to make up their own ideas.
The highest sale is from Francesco Guardi Views of the Church of Venice, Punta Della Dogana and Santa Maria della salute; views of the Church of Venice, San Giorgio Margio and Santa Maria de la Salutesold for $10.5 million, including the cost, an estimated $10 million. This is the only batch that reaches eight numbers. (Unless otherwise stated, all prices include the buyer’s premium. Sotheby’s did not offer the project for several years to this auction.)
Sanders bought the two paintings in Sotheby’s sales room 25 years ago, after another collector interested in the work decided to go for lunch.
Guardi’s paintings were followed by Jan Davidsz. de Heem’s Still life in vases of roses, tulips, lilies, poppies, honeysuckle, sunflowers, iris and other vasessold for $8.8 million at an underestimated $8 million, creating a new record for the artist. This is the first time the work has appeared in auctions in more than 50 years. Frans Post Views of Olinda, Brazil, and ruins of the Jesuit Church For sale for $7.37 million, estimated at $6 million to $8 million, creating a new auction record for artists. The previous record was $4.5 million, set at Sotheby’s in 1997.
Double painting by Frans Hals The boy, probably Frans Hals, plays the violin; the girl, maybe Sara Hals, sings The high price for one bidder sold to the room was estimated at $8 million.
The works of Luis Meléndez, Gerrit Dou and Adriaen Coorte also performed well. Merris’s paintings, Still life with cauliflower, a basket with eggs, leeks and fish, and various kitchen utensilssparked a bidding war between four people, who lasted nearly five minutes, sold to bidders in the room and set a new auction record for the artist.
Sotheby’s press release noted that nearly a quarter of the work was sold to bidders in the room, “bidding and buying from Asian collectors.” Most of the sales works sold to private collectors are also sold for elders Jan Van Kessel, Adam Pynacker, Bartholomew Maton (Bartholomew Maton) (doubled the last record of the same piece), sold at Sothebys about 30 years ago) and Jean Barbault (sold almost three times the record).
Hall observed that Meléndez, Postal and Coorte’s works (such as those of Meléndez) received competitive bids, while others received only one bid, reflecting the series’ appeal to potential buyers. “This is a collection that was formed at a specific point in time,” Hall said. “The taste of that era is not the taste of our era now.” Hall also describes the works as “a aesthetic appeal to today’s collectors, for example, the life of Bruger’s still life is unlikely.”
By comparison, Guardi’s two other works are estimated at $200,000 to $300,000, and there is no guarantee of home sale. Hall said Guardio’s market may be more competitive than it is now.
A way for Christie and Sotheby to compete for such a single-person sale guarantees danger by making higher estimates. Hall has been operating the old master’s department for 12 years at Christie’s and says Sotheby’s has put forward a “very bullish” estimate of many of the paintings in the Saunders series. “I don’t think it’s helpful for sales,” he said. “I think it’s a steep hill when you have a very, very aggressive estimate. It’s not about the old main painting.”
Another private dealer and former senior auction executive also told Artnews The auction house achieved “very strong results”.
“If the estimate is low, you might be selling more works, but in hindsight it’s 20/20, and judging the actual results is better than the result,” the dealer said. “The price is high. As a former auctioneer, you estimate your estimates for months in advance and only feel appropriate at the time, sometimes taking into account the wishes of the client and other factors beyond control.”
Compared to London in January or early February, sales are not ideal compared to London. “The Old Masters Market is a very conservative, very old-fashioned world,” Hall said, noting that Christie does not currently have the same important Old Masters sales. “Buyers tend to call in a specific place at a specific moment.”
Asked if the results of Saunders sales would affect confidence in the old master category and provide more evidence of its decline, Hall said there would be a big difference in opinions. “I think people who are knowledgeable actually make a big impression,” he said. “The more people know, the more they understand why things aren’t sold or not sold.”
