Rare works and market treasures

In this article Artprice delves into the sphere of the world’s most elusive Old Masters, those whose works barely appear at auction more than five times in a decade. However, as we shall see, rarity does not always guarantee success. We look at what the real value points are for collectors and buyers alike.

In the rare and precious world of Old Masters, certain works transcend their status as artworks to become cultural and financial symbols. Selling for $450 million dollars, Leonardo da Vinci’s Salvator Mundi is the perfect example of this fusion between symbolic and economic value.

Leonardo da Vinci is indeed among the rarest artists on the art market, those with fewer than five works appearing at auction in a decade. But while his Salvator Mundi surpassed the wildest expectations, to the point of redrawing the economic boundaries of the art market, what about works by other equally rare artists? Are they subject to unfailing enthusiasm?

Contents:

Best results for rare Old Masters over the last decade
Rare works at auction in 2024

Best results for rare Old Masters over the last decade

The Old Masters segment represents 9% of the total transactions on the global art market, compared with 40% for the Modern art segment. Works by Old Masters are very often kept in museums or large private collections and are therefore naturally rare at auction.

Among the rarest artists whose works have come to auction over the past decade, Artprice has identified only nine that have crossed the $10 million mark. Mostly Italian – De Vinci, Bartolomeo DELLA PORTA, Andrea MANTEGNA and MICHELANGELO – they are joined by the Flemish and Dutch artists Lucas VAN LEYDEN, Quentin METSYS And Jan VERMEER VAN DELFT. The appearance at auction of one of their important works constitutes a real event, because the acquisition of a major historical piece always confers a certain symbolic and cultural status upon the buyer.

Among these Masters, Quentin Metsys is the least rare with five auction sales over the decade, while major works by Mantegna, Vermeer and Leonardo da Vinci only appeared once at auction. When the De Vinci work appeared, it transcended the market.

Why the ‘last’ Da Vinci set an absolute record

In the last decade, a total of ten works by Leonardo da Vinci were in fact offered at auction, but only one was a painting: Salvator Mundi, which in 2017 became the most expensive work in the world. This painting was a unique opportunity, the last authenticated Da Vinci work still in private hand.

Estimated at around $100 million, it ultimately reached a staggering $450.3 million, establishing an absolute record in art auction history, and despite hot debates surrounding the work between various specialists on this work.

The sale coincided with the inauguration of the Louvre Abu Dhabi, where, after its acquisition, we expected to see the painting displayed. But its exhibition, constantly postponed, has not yet materialized, adding more intrigue and mystery to the work. In this case of course, the prestige of the work overshadowed the amount actually paid for it. The painting was described as “the holy grail of old art”, and Christie’s suggested it was the masculine counterpart of the Mona Lisa. It was therefore fair to assume that the painting would have the power to attract crowds and transform the economy of a museum. The Mona Lisa at the Louvre of Paris is indeed a perfect example, attracting by itself nearly 8 million visitors every year!

Leonardo Da Vinci (1452-1519),
Salvator Mundi (c.1500)
$450.3 million
Christie’s New York, 15/11/2017

Read: “The Last Da Vinci”

While the Salvator Mundi proves that, in value terms, an extremely rare work can reach well beyond all expectations, not all rare works are destined for success. Some may be shunned by collectors, as was the case in 2019 with a painting by Bartolomeo Della Porta.

The last Della Porta remained unsold

Rarity and preciousness are not enough to guarantee a successful sale. Although the Old Master art market offers a relatively small number of works, it remains subject to the standards and requirements of dealers and collectors. In this sphere, there is no ‘buying-at-any-cost’ simply because a piece is rare.

In 2019, a Madonna by Bartolomeo Della Porta (aka Fra Bartolomeo), estimated at $1.5 million, failed to sell despite the resounding success of another Madonna by the same artist, which fetched $13 million in 2013. Why such a difference? One might think that the same subject by the same artist would arouse similar enthusiasm after such a spectacular sale. But the $13 million Madonna presented qualities that the other work lacked: an exceptional state of conservation (a key criterion for old works), a rare tondo format and a unique facial expression, capturing a surge of maternal tenderness. The second Madonna depicted a more rigid pose.

Key criteria such as artistic qualities, major or minor interventions by the artist’s students and the overall condition of the work, take precedence over the general appeal of the subject. The same goes for works by Quentin Metsys and his famous Cherry Madonnas, which do not sell just because they are rare. One of them remained unsold 10 years ago, but the latest one to appear at auction broke his previous record.

Rare works at auction in 2024

This year, a Madonna with cherries – undoubtedly the most sumptuous work by Quentin Metsys ever offered at auction – caused a sensation at Christie’s, exceeding all expectations by fetching $13.5 million. Among the other rare Masters, a painting by Johannes Christian Roedig crossed the $1 million threshold in May at Lempertz Cologne, and a portrait of Frederick II of Prussia set a new record for Gottfried Hempel at $272,000.

Read about Quentin Metsys in article: “The best results over the summer holidays”

However, a double portrait by Bartholomeus Zeitblom, estimated at $500,000, disappointed by not reaching the expected amount at Sotheby’s, as did a portrait of Sybil by Jacopo da Carucci PONTORMO, which also sold below its low estimate. In addition, two out of three rare paintings by Johann Liss were also bought in this year.

An exceptional painting by Nicolas Poussin coming to auction soon

Old works need to tick a number of boxes to attract collectors. These include an interesting and reassuring provenance. This is the case of a canvas by Nicolas POUSSIN, soon to be auctioned at Ader in Paris (November 26). The painting – Venus Surprised by Satyrs – painted around 1626, is an early work without equivalent on the market. It was part of the collection of Paul Jamot, former chief curator of the Louvre, before its sale in 1943. This is the third work by Poussin presented this year, but undoubtedly the most intriguing, and it is carrying a high estimate of 1.2 million dollars.

Works by Nicolas Poussin are generally expensive, but his prices fluctuate greatly depending on the quality. A mythological painting by the artist (A satyr carrying a nymph on his back, with putti and a faun in an arcadian landscape) sold for around $75,000 last spring at Sloane Street Auctions in London, after its authenticity was confirmed by Christopher Wright, author of Poussin’s catalog raisonné. Formerly described as being a work “After Nicolas Poussin” and estimated at just $5,000 during a sale at Christie’s in London in 2007, the work saw its price increase tenfold thanks after its authentication, proving that this process, sometimes long, is key to ensuring the true value of a work.

Read also “The revaluation of a Madonna by Raphaël”

As Ader’s David Nordmann says, “There are still lots of Old Master masterpieces to be discovered”. Treasures may well be hiding among works that we thought we already knew?

Nicolas Poussin (1594-1665).
Venus Surprised by Satyrs, 70 x 95.5 cm.
Estimated between €800,000 and €1,000,000
Sale on 26 November 2024, Maison Ader, Paris

Old Master masterpieces – Renaissance Art – Rare artworks – Art valuation – Auction sales