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.
This story matters because it demonstrates the Old Master market's ability to deliver strong results despite a flat broader art market and dwindling supply. The dramatic appreciation of a Turner painting from a £500 purchase to a near-£2 million sale underscores the potential for high returns in this sector, while the robust bidding and multiple artist records suggest sustained collector appetite for rare, historically significant works. The sale also highlights the growing interest in Florentine Renaissance paintings and Byzantine icons, signaling shifting tastes within the Old Master category.