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Press highlights

2025

Sotheby’s Landmark Old Masters Sale Disappoints, Yielding Just $64.7 M.
23 May 2025

“Buyers don’t respond well to guarantees, whether they’re in-house or third-party guarantees,” art dealer Nicholas Hall, the former head of Christie’s Old Masters department, told ARTnews. “I think buyers prefer to make up their own mind as to how they value a picture. A guarantee can actually be, in some ways, a deterrent to potential buyers.”

all observed that some lots, like the works by Meléndez, Post, and Coorte, receive competitive bidding, while others only garnered a single bid, reflecting the collection’s varying appeal to potential buyers. “This was a collection that was formed at a particular point in time,” Hall said. “The taste of that time is not so much the taste of our time right now.” Hall also described these works as having an “aesthetic appeal to today’s collectors in a way that, say, a Bruegel still life is less likely to.”

By comparison, two other works by Guardi, both with estimates of $200,000 to $300,000 and house guarantees, did not sell. Hall said Guardi’s market was likely a lot more competitive two decades ago than it is now.

One of the ways Christie’s and Sotheby’s compete for single-owner sales like this, with guarantees at stake, is through the offer of higher estimates. Hall ran the Old Masters department at Christie’s for 12 years, and said Sotheby’s offered “very bullish” estimates on many of the paintings from the Saunders collection. “I don’t think that helped the sale,” he said. “I think it is a steeper hill to climb when you’ve got very, very aggressive estimates. And that’s got nothing to do with the Old Master paintings as a category.”

The timing of the sale was not ideal, compared to London in July or New York in January or early February. “The Old Masters market is a very conservative, very old- fashioned world,” Hall said, noting that Christie’s did not have a similarly important Old Master’s sale at this time. “The buyers tend to convene in particular places at particular moments.”

When asked whether the results of the Saunders sale would affect confidence in the Old Masters category and provide more evidence of its decline, Hall said there would be large differences in opinion. “I think that the people who are knowledgeable will actually be very impressed that it did as well as it did,” he said. “The more knowledgeable the people are, the more they will understand that there were reasons why things didn’t sell, or didn’t sell for more.”

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Die flammende Frau
Feuilleton
14 May 2025 no. 111 page 11

Baldungs „Maria als Himmelskönigin“ besitzt eine gut dokumentierte Provenienz. Nachdem es 1907 aus Basler Privatbesitz in das Fürstlich Hohenzollern‘sche Museum in Sigmaringen gelangt war, wurde es 1928 vom jüdischen Lederwarenfabrikanten Robert von Hirsch, einem begeisterten und passionierten Kunstsammler, für dessen Privatsammlung in Frankfurt erworben. Beraten vom damaligen Direktor des Städelschen Kunstinstituts, Georg Swarzenski, trug Robert von Hirsch eine der bedeutendsten Privatsammlungen der Weimarer Republik mit Schwerpunkt auf Kunst und Kunsthandwerk des Mittelalters und der Renaissance zusammen. Nach der Machtübernahme durch die Nationalsozialisten gelang es Robert von Hirsch, bereits 1933 nach Basel zu emigrieren, wobei er auch seine Kunstsammlung in die Schweiz ausführen konnte (ein von ihm als Gegenleistung unter Zwang an Hermann Göring abgetretenes Cranach-Gemälde wurde nach Kriegsende an ihn restituiert). Nach seinem Tod im Jahr 1977 wurde, wie testamentarisch bestimmt, die komplette Sammlung Robert von Hirschs 1978 in London versteigert, wobei zahlreiche Werke ihren Weg in die Sammlungen bedeutender deutscher wie internationaler Museen fanden. Nach über dreißig Jahren in einer deutschen Privatsammlung gelangte Baldungs „Maria als Himmelskönigin“ 2012 in amerikanischen Privatbesitz, woher die Bayerischen Staatsgemäldesammlungen das Gemälde unter Vermittlung des New Yorker Kunsthändlers Nicolas Hall nun erwerben konnten.

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Could 17th-century Italy provide a useful model for today’s challenging art market? 
Number 378, May 2025

Long before art fairs, advisory firms and mega-galleries, there were barbers, tailors and innkeepers managing the flow of art in 17th-century Italy. Beyond the Fringe, an exhibition at Nicholas Hall gallery in New York, spotlights this understudied corner of the early art market, when a dramatic increase in the supply of art helped expand the trade to a surprising new class of participants.

Featuring 30 works on loan from public and private collections, the show and its catalogue explore the key factors in an increasingly commercialised engagement with art during this period: the impact of foreign artists in Rome, the emergence of tradesmen and professionals as part-time dealers and the rise of art as an alternative asset class. The show unsettles the unassumed primacy of aristocratic and ecclesiastical patronage by tracing how the success of artists such as Caravaggio and Artemisia Gentileschi coincoided with the emergence of a decentralised network of collectors, dealers and middlemen, offering a timely examination of art market democratisation.

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