At the end of February this year, Sotheby’s announced the auction of the Saunders Collection, a collection devoted exclusively to Old Master and 19th-century works. On 21 May, Elegance & Wonder: Masterpieces from the Collection of Jordan and Thomas A. Saunders III went under the hammer in New York, with an estimated value of $80-120 million. Two of the original 43 lots were withdrawn prior to the sale.
See also: $120 Million Old Master Collection Headed for Record-Breaking Sotheby’s Auction
The final result was $64.7 million – well below expectations, yet still setting a new record for an auction of Old Master works.
This overall record was accompanied by individual success stories, with seven artists achieving new record prices. Particularly sought after was Still Life with Cauliflower, a Basket of Eggs, Leeks and Fish, and Various Kitchen Utensils by the rarely seen Spanish painter Luis Meléndez, which, after a five-minute bidding battle, sold for $6.3 million (estimate: $5–8 million). Other records included Jan Davidsz. de Heem’s Still Life with Roses, Tulips, Lilies, Poppies, a Sunflower, an Iris, Honeysuckle, and Other Flowers in a Glass Vase with Two Birds, a Grasshopper, and a Snail ($8.8 million; estimate: $8–12 million), as well as Frans Post’s View of Olinda, Brazil, with the Ruins of the Jesuit Church, which sold for $7.4 million (estimate: $6–8 million).
The auction’s highest price — and the only one to reach eight figures — was achieved by a pair of Venetian view paintings by Francesco Guardi, which sold for $10.5 million (estimate: $10–15 million).
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Seventeen works remained unsold during the auction; however, all lots were covered by third-party guarantees. A further fourteen paintings from the Saunders Collection were offered the following day as part of Sotheby’s Master Paintings & Sculpture: 1300–1900 sale, of which nine found buyers.
The sale of the Saunders Collection reflects the continuing downward trend that has characterised the Old Master sector for several years. That Sotheby’s nevertheless opted for high estimates may be attributed, not least, to the enduring appeal of carefully curated private collections — assembled over many years — for an engaged clientele.
