Renaissance Masterpieces Gaining Popularity in London Once More, Art Basel Offering Advice on Acquiring Gallery Representation, and Further News for July 24, 2025: Daily Links
The Old Masters market in London is experiencing a resurgence, with record sales, increased demand, and a more global and selective buyer base.
Record Sales and Renewed Enthusiasm
The comeback of the Old Masters market in London is evident in the strong auction results. Christie's July 2025 Classics Week saw a record-breaking sale of Canaletto's Venice, the Return of the Bucintoro on Ascension Day, which fetched over £31.9 million. This sale, along with an Old Masters Evening Sale that realized about £55.3 million, demonstrates robust buyer interest and significant willingness to pay top prices for exceptional works.
Limited Supply and Competitive Tension
While Sotheby’s Old Masters sales struggled relative to Christie's, the scarcity of high-quality Old Master paintings available for sale created competitive tension. To maintain volume, auction houses supplemented sales with 19th-century British and Continental works, indicating supply constraints for premium Old Masters.
Market Recalibration and Globalization
Despite some recent underperformance, the Old Masters category outperformed other art sectors in early 2025, rising over 35% year-over-year in sales volume. This reflects a recalibrating market balancing caution with renewed collector enthusiasm. The market is also globalizing, with collectors worldwide targeting prized Old Masters in London auctions.
Collector Discrimination and Market Differentiation
Market participants are bidding aggressively on works they highly value, but passing on less critical pieces, suggesting a discerning collector base focused on quality over quantity. This behavior supports a recalibration toward premium works commanding higher prices.
Phillips' New Fee Structure
Phillips, one of the Big Three auction houses, recently announced a new fee structure for its auctions, featuring a "first-of-its-kind buyer's premium structure" with "priority bidding." Buyers who commit to the low estimate any time up to 48 hours before the live auction will pay a lower fee, and if they win the auction, they will pay a lower buyer's premium than the standard rate, starting with 25 percent on the hammer price.
New Legislation and Art Market Integrity
Several US senators have proposed new legislation that would apply anti-money laundering protections to a wide number of professionals in the US art market. The bill, titled the "Art Market Integrity Act," would amend the Bank Secrecy Act to require art dealers and auction houses to comply with anti-money laundering and counter-terrorism financing regulations.
A Museum for Brutalist Architecture
In other news, a north London school hall is set to be restored to its 1960s appearance and become home to the new Museum of Brutalist Architecture. The museum, funded by a National Lottery Heritage Fund grant, will showcase the unique and often controversial style of Brutalist architecture.
Gallery Representation and Art Basel
According to Art Basel Stories, gallery representation can be crucial for an artist's income, visibility, and legacy. Art Basel Miami Beach has released its exhibitor list, but several notable names are missing, including Galerie Buchholz, Company, Pilar Corrias, Dan Galeria, DC Moore, Greene Naftali, Galerie Nagel Draxler, David Nolan, and Waddington Custot.
Long-term Trends and Price Recalibration
Long-term trends indicate a potential price recalibration for the Old Masters market, leading to a more democratic market. Art dealers typically consider several factors when expanding their roster, with Sadie Coles emphasizing the importance of showing radical and important art, and Stefan Benchoam focusing on an artist's ability to push and expand the canon.
Hilde Lynn Helphenstein's Future Plans
Hilde Lynn Helphenstein, also known as Jerry Gogosian, plans to write a television series about the art world, and has expressed interest in working for MCH Group and Art Basel.
References
- Artnet News
- The Art Newspaper
- The Telegraph
- Christie's
- Bloomberg
- Renewed enthusiasm in the art world is reflected in the Old Masters market's resurgence, as demonstrated by record sales in London auctions.
- The high-value Old Masters art market is experiencing increased demand and competition, leading to robust auction results.
- A significant global buyer base is targeting prized Old Masters in London auctions, contributing to the market's expansion.
- Market participants are focusing on quality over quantity, with a more discerning collector base preferring exceptional works.
- Phillips, one of the Big Three auction houses, has announced a new fee structure aimed at attracting buyers with lower premiums.
- New legislation is being proposed to apply anti-money laundering protections to professionals in the US art market, promoting market integrity.
- The forthcoming Museum of Brutalist Architecture in north London aims to showcase the unique Brutalist style that originated in the 1960s.
- Gallery representation is vital for an artist's visibility, income, and legacy, and several galleries are missing from Art Basel Miami Beach this year. Additionally, artists are exploring new avenues in the art world, such as Hilde Lynn Helphenstein's plans to write a television series about the art world and potentially collaborating with MCH Group and Art Basel.
