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SOTHEBY'S SALE OF OLD MASTERS TOTALS 42.6 MILLION GBP
07 July 2018
Category : MARKET
SOTHEBY'S SALE OF OLD MASTERS ACHIEVES 42.6 MILLION GBP

Sotheby's sale of Old Masters held on July 5 2018 in London achieved 42.6 million GBP compared with a high pre-sale estimate of 47.7 million compared to last year's result of 52.5 million with some strong results after attracting new buyers from Asia and Latin America.

Pierre-Pauml Rubens's portrait of a Venetian nobleman (circa 1620) consigned by the Dutch collector Hans Wetzlar fetched 5.4 million GBP, which surpassed its high estimate of 4 million to set a new record for a single portrait by the artist while Lucas Cranach the Elder's Portrait of a Man with a Spotted Collar (1508) sold for 2.4 million, above its 1.5 million to 2 million estimate, followed by a 15th-century portrait of Mary of Burgundy attributed to the Netherlandish or South German school sold for 2 million.

Sotheby's secured a significant number of financial guarantees ahead of the sale (14 works were backed by an irrevocable third-party bids and guaranteed; 13 were also guaranteed by the house).

One of those guaranteed works was The Oyster Meal by the Dutch Golden Age painter Jacob Ochtervelt. The painting, which was looted by the Nazis and only recently returned to the heirs of its rightful owners, fetched 1.9 million GBP, within its presale estimate of 1.5 million to 2.5 million.
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