Collecting Guide: Old Master Paintings (Part 1/2)
Gerard David (c.1460-1523), The Holy Family. Oil on canvas
If you have an affinity for Old Master paintings and believe you ‘can only dream’ of owning one, think again. Your first Old Master purchase need not be a Rembrandt, Van Eyck or Rubens (awesome as that would be). With some auction estimates starting as low as $6,500 (even $4,000 in some cases), beginning a collection may be well within your reach! Below are a few basics the experts at Christie’s recommend to keep in mind to secure: 1) a work you love; and, 2) a good investment when navigating the Old Masters market. And be sure to check out part two of this article, which provides a breakdown of typical Old Master subject matters, as well as our article on Assessing the Value of Art, which provides insights and a deeper dive into the factors that help determine price.
John Constable, R.A. (East Bergholt, Suffolk 1776-1837 Hampstead), Beaching a Boat, Brighton. oil on paper, laid down on canvas.
1) Name Recognition: Is the artist an instantly recognizable name, or not?
Key questions to consider when looking include: is the artist an established name? Is the work from a good or particularly pivotal moment in the artist’s career or development? Is the attribution given in full (or qualified as ‘Studio’/ ‘Circle’/ ‘Follower’ of the artist)? Is the work included in the key literature on the artist — and if not, have the current experts been consulted? Has the work been included in any recent seminal exhibitions on the artist? In working with a good dealer or Old Master expert, one can often find good works by lesser known artists that may have been prolific students and/or followers of more established ones.
School of Fontainebleau, Early 17th Century | Portrait of a Lady, oil on canvas.
2) Provenance: Key in determining value
As more fully explored in Assessing the Value of Art, once a work of art enters the secondary market, it has achieved a history of ownership called provenance – from the French word, provenir, meaning “to come from,” – it proves the history of ownership of a specific, valuable object. The interplay between a work’s provenance and the marketplace thrives on the ineffable magic of a storied provenance. Provenance is a key motivating factor when investing in works of art because it informs buyer interest and legitimacy if esteemed collectors considered it worthy of their collections. Historic provenance can also add value.
3) Rarity & Restoration: Neglected work can be carefully restored; rare works are most ideal
While some Old Master paintings can appear to be in a bad state at first glance, it may be due to the original surface being obscured by superficial layers of old discolored varnish and dirt. Did you know, it is better to invest in a slightly neglected work that can be treated with sensitive restoration, than in one that has been subjected to numerous restoration campaigns? As for rarity, consider how prolific the artist was, and how frequently his work appears on the open market. When excellent condition and rarity come together, works can achieve exceptional prices.
Attributed to Antonio Tempesta, Florence 1555 - 1630 Rome A Cavalry Battle Before The Walls Of A City, oil and gold paint on panel, en brunaille.
4) Price: A range of options
The advantage of buying Old Masters is that good examples of portraits, topographical views, still lifes and other genres can be found at varying price levels. In the $5,000-10,000 price bracket, for example, you can find decorative works catalogued as ‘Studio’ or ‘Circle’ of established artists, as well as fully attributed paintings by lesser-known Masters. You can also acquire less ambitious works by more established artists for around $15,000-20,000, including portraits by Thomas Gainsborough and Sir Joshua Reynolds. Prices can vary depending on the identity of the sitter, which is not always known.
Thomas Gainsborough (Sudbury 1727-1788 London), Portrait de Giusto Ferdinando Tenducci tenant une partition. oil on canvas.
Continue with part two of this article, which provides a subject-by-subject matter breakdown of typical Old Master paintings, and read our article on Assessing the Value of Art, which provides insights and a deeper dive into the factors that help determine price.
— Christina Spearman