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Comment | Latest auctions prove Old Masters are not ‘out of fashion’

Recent Old Master auctions in New York have defied narratives of market decline, totaling over $185 million across Sotheby’s and Christie’s. High-profile sales included a newly discovered Michelangelo drawing for $27.2 million, a Canaletto masterpiece for $30.5 million, and a record-breaking Rembrandt drawing sold for $17.8 million. These results, alongside the Italian state's $14.9 million acquisition of an Antonello da Messina, suggest that historical masterpieces remain premier "civilisational assets" and stable financial havens during periods of economic volatility.

drawing of foot michelangelo record christies 1234772662

A previously unknown red-chalk drawing by Michelangelo, a study for the foot of the Libyan Sibyl from the Sistine Chapel ceiling, sold for $27.2 million at Christie’s New York on Thursday, far exceeding its $1.5–$2 million estimate. The work was submitted to Christie’s online estimate portal last March by an anonymous owner who inherited it from their grandmother; it had hung on a wall for years, assumed to be a copy. After months of authentication using infrared reflectography and cross-referencing with drawings at the Metropolitan Museum of Art and the Uffizi Gallery, Christie’s specialists confirmed it as an authentic Michelangelo. The sale set a new auction record for the artist, surpassing the previous $24.3 million record set at Christie’s Paris in 2022.

qatar details of new quadrennial epstein and sfmoma ties 1234772663

Qatar has announced details for its inaugural contemporary art quadrennial, Rubaiya Qatar, set to launch in November alongside Frieze Abu Dhabi. Organized by Qatar Museums, the event will feature over 50 artists and new commissions, with a major exhibition titled 'Unruly Waters' curated by Tom Eccles, Ruba Katrib, Mark Rappolt, and Shabbir Hussain Mustafa. Confirmed artists include Lawrence Abu Hamdan, Sophia Al Maria, Mohamed Bourouissa, and Lydia Ourahmane. Additionally, a previously unpublicized pavilion dedicated to Gerhard Richter will open within the quadrennial. Separately, revelations from the Epstein files show ties between Jeffrey Epstein and the San Francisco Museum of Modern Art, including a donated artwork and potential financial backing for a piece by Neri Oxman. A small Michelangelo drawing of a foot sold at Christie's for $27.2 million, setting a new auction record.

michelangelo sistine chapel study christies 2718805

A previously unknown Michelangelo drawing, a red chalk study for the foot of the Libyan Sibyl on the Sistine Chapel ceiling, was discovered after an owner submitted a photograph to Christie's online estimate service. The work, created around 1511–12, sold at Christie's New York for $27.2 million, far exceeding its $1.5–2 million estimate and setting a new auction record for a Michelangelo drawing. The anonymous seller inherited the piece from his grandmother, and it had been in his family since the late 1700s.

Repeat art fraudster arrested for stealing Courbet painting

London gallery owner Patrick Matthiesen consigned a Gustave Courbet painting, *Mother and Child on a Hammock* (1844), to the Nicholas Hall Gallery in New York for Tefaf Maastricht 2023, listed at $650,000. After it failed to sell, Matthiesen was contacted by a man calling himself Thomas Doyle (also A.J. Doyle), who claimed to be a former US Air Force pilot, government contractor, and art dealer with family ties to Doyle Auctions. Despite Doyle having 11 prior fraud convictions—including stealing a bronze Degas statue in 2007—Matthiesen was convinced by artworks Doyle sent for inspection, including works attributed to El Greco, Rubens, and a Michelangelo drawing. In 2024, Doyle borrowed the Courbet to show a potential buyer and never returned it. Doyle has now been arrested for the theft.

michelangelo drawing sistine chapel christies new york 1234763395

A five-inch-tall red chalk drawing of a foot, attributed to Michelangelo (1475–1564), is set to be auctioned at Christie’s New York in February with an estimate of $1.5–2 million. The work was discovered when Giada Damen, a specialist in Old Master drawings at Christie’s, flagged it from a public online submission; after extensive provenance research, technical analysis, and comparison with known sketches, Christie’s has declared it a preparatory study for the Sistine Chapel ceiling (1508–1512). If authenticated, it would be one of only two such Michelangelo drawings remaining in private hands.