Sotheby's to Auction J.M.W. Turner Masterpiece, Expects $12-16 Million

by Tracy Chait (RSS feed)
Oct 27th 2008 at 6:02PM

Shortly after the New Year, Sotheby's New York will auction a significant oil painted by J.M.W. Turner, the British artist often considered the forefather of Impressionism. The painting, The Temple of Jupiter Panellenius, has been in a private collection for the past 25 years. The painting also happens to be one of just three landscapes done by Turner that concern ancient Greece.

To date only twenty or so of Turner's works remain in private collections, so it will be interesting to see where this one ends up post-auction. The piece is expected to reach final bids between $12 and $16 million.

Tags: auction, british landscape painting, BritishLandscapePainting, j.m.w. turner, J.m.w.Turner, sothebys

Filed under: Auctions, Art

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Neolight Oct 28th 2008 1:08PM

I'd imagine the $12-$16 million estimate to be conservative considering the unearthly sums Damien Hirst has been getting for his efforts. Mind you, recent upheavals in the financial markets might change everything...

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michael Oct 28th 2008 1:07PM

It belongs at the Tate. Period.

Spectacular Bid Oct 28th 2008 1:08PM

This work is owned by Richard Feigen, a Manhattan art dealer, and is being sold off reportedly as part of his estate planning. A bit odd to part with a treasure now vs. a year ago with fewer trophy buyers and white hot market prices. It was purchased by Feigen at Christie’s in London in 1982 for $1.1 million so no matter what it will yield a profit even after years of insurance premiums.

It's a lovely work which will still bring the checkbooks out for some of the largest museums and even big collectors. This work just came off a US tour (ended in January at the Nat'l Gallery in DC) serving as a Turner retrospective in 40 years; the tour contained over 140 works in oils and watercolor.

The seemingly conservative price is likely due to the less abtract nature of the work and accordingly be a bit more conventional.

Still the record for a Turner painting is $35.8 million set in New York in April, 2006. So hitting the $20M mark is possible - although not likely.

Per the NYT's the owner still has another Turner, owned for the last 35 years, which he'll never part with.

Selby Whittingham Oct 29th 2008 6:10PM

Another fine early Turner, Pope's Villa at Twickenham, was sold at Sotheby's recently and received only one bid, fetching much less than some optimistic estimates. I had predicted that, but the owners and Sotheby's took no notice. www.jmwturner.org