A Canaletto painting, *Venice, the Return of the Bucintoro on Ascension Day* (circa 1732), sold for £27.5 million (£31.9 million with fees) at Christie’s in London on July 1, setting a new auction record for the artist. The work, once owned by Britain’s first prime minister Robert Walpole, exceeded its $20 million estimate and was purchased by an anonymous phone bidder. The sale drew five bidders from Asia, Europe, and North America, and the painting was backed by a third-party guarantor.
This record underscores the enduring strength of the Old Masters market, particularly for works with exceptional provenance and condition. The Canaletto’s connection to Walpole and its history—last sold in 1993 for £7.5 million—highlights how historical significance and rarity drive value. The sale also reflects global demand for top-tier European art, with bidders spanning multiple continents, and signals confidence in high-value auction offerings.