Christie's and Sotheby's aren't being shy with the Old Masters. Pieces by Rembrandt, Raphael and Van Dyck are being offered at hefty prices, some records, that could bring in up to $133 million. If this happens, art collectors will have doubled last year's result ... and cast a strong vote in favor of an art market recovery.
The Christie's sale on Tuesday will include a portrait by Rembrandt and a sketch by Raphael. They are being estimated at 18 million pounds and 12 million pounds, respectively. According to Christie's, these are the highest estimates seen at auction, says Bloomberg News. The Sotheby's sale occurs on Tuesday, featuring a Van Dyck portrait that could fetch as much as 3 million pounds.
Unlike the volatile market for contemporary art, prices for the Old Masters have been relatively stable, as the supply is diminishing and demand is increasing.
According to Johnny van Haeften, an art dealer based in London, told Bloomberg News, "Prices at auction are very strong because there isn't much out there." He continues, "People don't want to sell at the moment. They're saying, 'If I let a painting go, where do I put the money? I'd rather keep it in a work of art.'" He bid unsuccessfully for two still life pieces by 17th century Dutch painter Adriaen Coorte. Both ultimately sold for more than 10 times their high-end presale estimates.[Photo via Christie's]