The domain of Old Master paintings met a revival, though tiedous, early in July 2013 in London thanks to active biddings from buyers of emerging countries at Sotheby's and Christie's.
A Russian buyer, bidding against an Asian millionaire on the telephone, paid 9.2 million pounds at Sotheby's London on July 3 for a work of Spanish artist El Greco representing St. Dominic at twice its estimate to clinch an auction record for the painter. The same bidder went on to buy for 3.4 million pounds another El Greco painting showing a crucifixion scene.
Russian collectors are now much eager to reap many good pieces on the market especially as prices for works by Old Masters are more steady, and thus less flexible, than those fetched for contemporary art works. Now wonder why Russian buyers spent almost 16 million pounds at the sale held by Sotheby's, which totalled 35 million pounds and saw a record number of buyers from emerging countries.
Meanwhile, a rediscovered 1757 view of Avignon with the home of French artist Joseph Vernet painted by the latter went for a stunning 5.3 million pounds which met a record price.
On July 2, Christie's sale of Old Masters totalled 23.9 million pounds, however less than the 29. 5 million low estimate of a selection of 52 lots. A Canaletto canvas titled "The Molo, Venice, From the Bacino di San Marco," was knocked down at 8.5 million pounds but a rare Jan Steen painting titled "Easy Come, Easy Go" and estimated at 10 million pounds was alas bought in.
Once again buyers from emerging countries showed up at this sale which saw a Titian painting sold for over 780,000 pounds in favour of the Indian billionaire C. Poonawalla.
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