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.
The results highlight the Old Masters market's efforts to attract younger, cross-category buyers amid a shrinking collector base and overall auction market decline. Christie's achieved its highest sell-through rate by value in Old Masters history (99%), driven by rare, high-quality works with compelling provenance. Experts note that collectors are gravitating toward artists with long track records, and private sales are thriving for top-tier works. The week underscores a bifurcated market where exceptional pieces command premium prices while mid-range works face headwinds.