On July 7 at Sotheby’s, J.M.W. Turner’s great masterpiece “Modern Rome †Campo Vaccino” took center stage when it soared above its estimate of $17/26 million and sold for $44,935,558 †setting a new auction record for the British master. The work was acquired by Hazlitt, Gooden & Fox, London dealers, who bid for the work on behalf of the J. Paul Getty Museum in Los Angeles. The painting was the top-selling lot in Sotheby’s evening sale of Old Master and British paintings, which realized the above-estimate total of $80,862,989.
The auction achieved sell-through rates of 68.4 percent by lot and 90.2 percent by value, and saw 43.6 percent of the sold lots achieve sums in excess of the presale high estimates. In all, nine artist records were set.
The previous auction record for a work by Turner was $35.9 million and this was set by his view of Venice, “Giudecca, La Donna della Salute and San Giorgio,” in April 2006.
Discussing the record-breaking price achieved for Turner, David Moore-Gwyn, deputy chairman, UK and senior specialist in British paintings at Sotheby’s, said: “Turner’s ‘Modern Rome †Campo Vaccino’ has achieved a tremendous and much-deserved result. This breathtaking image shows the artist at his absolute best and, for collectors, it ticked all the boxes †quality, superb condition, provenance and freshness-to-the-market. Over the last few months it has been wonderful to observe the response that the painting has received from collectors who come from all over the world. Turner is an artist who transcends the boundaries of British art and the sale of this exceptionally rare painting by him represented a once-in-a-lifetime opportunity to which collectors have responded. “
“Modern Rome †Campo Vaccino” was, without doubt, one of the most important Turners ever to come to the auction market and collectors from around the world responded to this astonishingly rare acquisition opportunity. Some six bidders pursued the painting as it was offered for sale for more than five minutes, driving the price well above presale expectations and breaking the previous Turner record by more than $9 million.
Painted in 1839, the breathtaking view of Rome shows Turner at the height of his technical powers and it is arguably his finest depiction of an Italian city. His final painting of Rome, the monumental work brings together all of the studies that he made during his two visits to the Italian capital. The painting was further distinguished by its immaculate condition and impeccable provenance. Prior to the sale, the painting had only appeared on the open market once in the 171 years since it was painted. It was offered for sale by a descendant of the 5th Earl of Rosebery; the 5th Earl of Rosebery had bought the painting in 1878, while on honeymoon with his wife, Hannah Rothschild, and it had remained in his family collection ever since.
Further notable prices in the sale included three rare works by members of the Brueghel dynasty †”The Kermesse of Saint George with the Dance Around the Maypole” sold to an anonymous buyer for $3,787,687, while “The Outdoor Wedding Feast” by Pieter Brueghel the Younger brought $2,433,025 and Jan Brueghel the Elder’s characteristic Flemish village scene made $2,433,025. All three paintings had been off the market for more than 50 years.
An auction record was established for Bernard van Orley when his beautifully preserved panel depicting the “Virgin and Child” †the cover lot of the evening sale catalog †saw competition from no fewer than three bidders and sold to an anonymous buyer on the telephone for $1,501,695.
Jan Lievens’s study of the head and shoulders of an old bearded man wearing a cap, from circa 1629, brought $3,787,687, setting a new record for the artist at auction.
Prices reported include the buyer’s premium. For information, www.sothebys.com or +44 20 7293 5522.
