2023 is not quite over yet, but the first highlights of the 2024 auction season are already emerging. In early February, Sotheby's New York will offer a work by the Spanish Baroque master Diego Velàzquez, rarely seen on the auction market. The 6.5-foot high canvas features a magnificent portrait of the Spanish Queen Isabel de Borbón, believed to have been painted in the 1620s, likely shortly after Velázquez assumed the role of court painter under Isabel's husband, King Philip IV of Spain.
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Isabel, born in 1602 as the daughter of the French King Henry IV and his second wife Maria de' Medici, was baptized with the name Élisabeth. As the king's eldest daughter, she held the honorary title Madame Royale. After an initial marriage proposal with the House of Savoy fell through, Elisabeth was promised to the Spanish Crown Prince Philip. At the age of 13, Elisabeth travelled to Spain, where she was wedded to Philip, who was only 10 years old. In 1621, Philip IV and Isabel (as the French princess was known in her new homeland) ascended the Spanish throne. Initially drawn to music and a supporter of Spanish literature, Isabel later became politically active, stepping in as regent when her husband was away during the Catalan Revolt. Queen Isabel passed away in 1644 at the age of just 41. Among their eight children, only the youngest daughter, Maria Teresa, reached adulthood and went on to marry the French Sun King Louis XIV.
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Most of Diego Velázquez's portraits depicting members of the royal family are housed in museums. According to Sotheby's, the current portrait originally hung on the walls of the Buen Retiro Palace in Madrid (serving as a counterpart to a portrait of Philip IV now displayed in the Prado) before finding its way to France during Napoleon's invasion of Spain. Subsequently, it was showcased in King Louis Philippe's Spanish Gallery at the Louvre. The painting later made its way to England, remaining in the possession of the same family until 1950 when it was auctioned publicly. Since 1978, it has been a part of the current consignor's collection.
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The portrait of Isabel de Borbón will be auctioned as the top lot of Sotheby's 'Master Paintings & Sculpture' auction in New York on 1 February 2024, with an estimate of around $35 million (around £27.5 million). Given the painting's significance and the rarity of Velázquez's works on the auction market, the substantial amount appears justified, although it significantly surpasses the artist's previous auction record. This record was established at Sotheby's in 2007 when Velázquez's portrayal of Saint Rufina changed hands for £8.4 million.
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Paintings by Velázquez of the caliber of the current portrait of the queen often create a sensation when presented on the auction market. The last time this happened was in 1970 when Velázquez's Portrait of Juan de Pareja went under the hammer at Christie's in London. Unlike a courtly commission, this portrait originated from the artist's studio, featuring Pareja, a slave in Velázquez's household and a member of his workshop. Executed in Rome, the remarkable portrait garnered considerable attention when exhibited, ultimately leading to a commission for Velázquez to paint the Pope. Remarkably, Juan de Pareja was granted freedom just eight months after the completion of his portrait.
The Portrait of Juan de Pareja was auctioned in 1970 for £2.3 million, three times the previous auction record for a painting. Given that the current auction record for a painting is $450.3 million, such an event is unlikely to happen again next February.
