A Sotheby's single-owner sale of 55 Old Masters works from the collection of Jordan and Thomas A. Saunders III on May 21 achieved $64.7 million, falling well short of the $80–120 million estimate. The evening sale had a 58.5% sell-through rate, with 17 lots unsold and two withdrawn; a subsequent day sale on May 22 saw a similar 58.3% rate. Top lots included Francesco Guardi's Venetian views at $10.5 million, a record $8.8 million for Jan Davidsz. de Heem, and a record $7.37 million for Frans Post. Despite these highlights, the overall performance was dampened by high estimates, shifting collector tastes, and the prevalence of guarantees.
This result matters because it signals a cooling in the Old Masters market, where even a high-profile, guaranteed collection struggled to attract buyers. Art dealer Nicholas Hall noted that guarantees can deter bidders who prefer to set their own valuations. The sale's low sell-through rate and reliance on a few competitive lots suggest that collectors are becoming more selective, potentially reshaping how auction houses approach single-owner sales and estimate-setting in this category.