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londons old masters week sees rare works sell and mid market paintings struggle

Christie's, Sotheby's, and Bonhams held Old Masters auctions in London, with Christie's achieving a record £31.9 million ($43.7 million) sale for Canaletto's *Venice, the Return of the Bucintoro on Ascension Day* (circa 1732), more than half the sale's total of £60.8 million. The painting, once owned by Robert Walpole, set a new auction record for the artist. Sotheby's evening sale brought in £14.5 million, with J.M.W. Turner's rediscovered *The Rising Squall, Hot Wells, from St Vincent's Rock, Bristol* (1792) selling for £1.9 million, seven times its estimate. However, mid-market paintings struggled, and the Bristol Museum and Art Gallery failed to acquire the Turner despite fundraising £109,000.

diana de rosa

A rediscovered Baroque painting by 17th-century Neapolitan artist Diana de Rosa, titled *Salome with the Head of Saint John the Baptist*, sold for £317,500 ($436,086) at Sotheby’s Old Masters and 19th Century Paintings sale in London on July 2, more than quadrupling its high estimate. The work, previously unknown to scholars, set a new auction record for the artist and was described by Sotheby’s specialist Elisabeth Lobkowicz as a powerful image comparable to Caravaggio’s treatment of the same subject.

Backed by an Expanding Collector Base, Old Masters Make a Quiet Comeback

Christie's London Classic Week generated a combined total of £60,844,240 ($83,660,830) between its Old Masters Evening Sale and The Exceptional Sale, led by a record-setting £31.9 million sale of a Canaletto masterpiece. The painting, once part of Sir Robert Walpole's collection, attracted five bidders from Asia, Europe, and North America. Sotheby's also saw strong results, with the two houses together achieving £58 million (excluding buyer's premium) in Old Masters evening auctions, a notable increase from 2024. Other highlights included Titian's Portrait of a nobleman, seated before a window selling for £3,428,000 and Jan Davidsz de Heem's still life achieving £3,670,000.

Turner painting bought last year for £500 sells for almost £2m at Sotheby's

At Sotheby's Old Master paintings evening sale in London on July 2, a Turner painting purchased last year for £500 sold for nearly £2 million, highlighting the sector's resilience. The auction achieved £11.5 million hammer total (£14.5m with fees), with 81% of lots sold, including a rediscovered 14th-century Byzantine icon that far exceeded estimates and three new artist records for Lorenzo di Credi, Corneille de Lyon, and others. The sale contrasted with Christie's previous evening's £46.2 million total driven by a record Canaletto.