Old Master Prints

Auction Overview

The recent Christie’s Old Master Prints auction, held in London on July 2, 2024, was a significant event that showcased a rich selection of European printmaking spanning five centuries. While the auction successfully sold 119 out of 134 lots, achieving a respectable sell-through rate of 88.8%, the total hammer price of £2.2 million fell slightly short of the total median estimate of £2.3 million, reflecting a hammer ratio of 0.97. This slight underperformance highlights a cautious market sentiment, with several key lots either not meeting their reserve prices or attracting less competitive bidding than anticipated.

Lot Distribution Analysis

The auction presented a diverse array of works, with the majority of lots falling in the mid-range price categories. Notably, 29 lots were sold in the £10,000 - £50,000 range, contributing significantly to the overall total hammer price. The high-value segment, with lots over £100,000, though limited to only three lots, represented 22.8% of the total value, underlining the high stakes and interest in these premium pieces.

Top Artists by Total Hammer Price Sales and Lot Count

Albrecht Dürer emerged as the star of the auction, with all 26 of his lots sold, generating an impressive £980,300. His pieces, including the magnificent Saint Eustace (Lot 15) and the highly sought-after Melencolia I (Lot 24), captivated collectors with their exquisite detail and historical significance. The exceptional provenance and quality of these works undoubtedly played a role in their high demand and strong sales. Dürer’s activity as a designer of woodcuts, exemplified by the sale of The Small Woodcut Passion (Lot 6), also highlighted his transformative impact on the medium.

Rembrandt Harmensz. van Rijn also performed admirably, with 20 lots sold out of 21, achieving a total hammer price of £553,400. Highlights included his deeply expressive Self-Portrait etching at a Window (Lot 103) and the reflective Self-Portrait leaning on a Stone Sill (Lot 102), both of which reflect his unparalleled ability to convey psychological depth through print. However, it is worth noting that one of his lots, Clement de Jonghe, Printseller (Lot 116), did not sell, indicating selective buyer interest.

Jean-Étienne Liotard’s singular lot, The Large Self-Portrait (Lot 128), achieved a remarkable hammer price of £150,000, far exceeding its median estimate. This piece’s intimate and contemplative depiction of the artist himself in a reflective pose resonated strongly with collectors, highlighting the continued appreciation for works that explore self-awareness and the human condition.

Unsold Lots

Despite the overall success, several notable lots remained unsold. Among them was the rare engraving Shepherds in a Landscape by Giulio and Domenico Campagnola (Lot 42), which, despite its provenance, did not meet its reserve price. Similarly, William Blake's evocative Illustrations of the Book of Job (Lot 131) failed to find a buyer, perhaps reflecting a more selective interest in Blake’s more experimental works. Other unsold works included Jacques Bellange's Christ carrying the Cross (Lot 84) and Lucas van Leyden's Samson and Delilah (Lot 64) and Young Man with a Skull (Lot 65), each a reflection of the nuanced demand dynamics in the market.

Top 10 Lots by Hammer Price

Albrecht Dürer's Saint Eustace (Lot 15) fetched an impressive £200,000, despite a median estimate of £300,000. This engraving on laid paper from 1501 depicts Saint Eustace in a richly detailed Northern Renaissance style. The image captures a hunter kneeling before a stag with a crucifix in its antlers, signifying a divine encounter. The intricate use of naturalism and fine lines in the dense forest and castle in the background adds depth and texture, while the provenance, which includes notable collectors such as Valentin Weisbach and Albert W. Blum, significantly enhanced its value. The combination of the engraving's profound themes of faith and transformation and its exceptional provenance likely contributed to its high hammer price.

Another highlight was Albrecht Dürer's Melencolia I (Lot 24), which sold for £160,000, surpassing its median estimate of £125,000. Created in 1514, this engraving on laid paper features a melancholic angelic figure surrounded by scientific instruments, symbolizing the intellectual pursuit and the limits of human understanding. The dark, introspective mood is accentuated by meticulous line work and strong contrasts, evoking themes of intellectual struggle and existential angst. Its provenance, tracing back to a Private Italian Collection, and its highly atmospheric Meder lla impression, greatly influenced its auction performance. The engraving's ability to convey deep psychological insight and the rarity of such impressions were pivotal in achieving this high price.

Jean-Étienne Liotard's The Large Self-Portrait (Lot 128) achieved a remarkable £150,000, far exceeding its median estimate of £40,000. This mezzotint on laid paper, created between 1778-1780, portrays the artist in a reflective pose, emphasizing themes of aging, wisdom, and self-reflection. The luminous impression and early working proof state, coupled with its detailed provenance involving Henri-Albert Gosse and the Gosse family, elevated its value. The artwork's emotional depth, conveyed through the artist's contemplative expression and the use of light and shadow, resonated strongly with collectors, underscoring its significance and desirability in the market.

Top Performing Lots Against Median Estimate

Master of the Die's Apollo and Marsyas (Lot 50) achieved an astounding hammer price of £2,600, which is 433.3% of its median estimate of £600. This engraving, created between 1530 and 1560, captures the classical mythological contest between Apollo and Marsyas with intricate detail and profound emotion. The seated figure of Apollo, with his lyre, exudes calm authority, while the bound Marsyas evokes vulnerability and suffering. The work’s exceptional provenance, having passed through P. & D. Colnaghi & Co. in London and acquired by Eric G. Stanley, enhances its value. The dramatic contrasts and rich impression in the first state of the print, combined with its historical and artistic significance, contributed to its remarkable performance at auction.

Albrecht Dürer’s Christ in Limbo, from: The Large Passion (Lot 5) exceeded its median estimate of £2,500 by 240%, achieving a final hammer price of £8,500. This woodcut from 1510 is a poignant depiction of Christ’s descent into Limbo, characterized by Dürer’s meticulous attention to detail and expressive use of line. The crowded composition and dramatic contrasts emphasize the urgency and intensity of the scene, where Christ reaches out to save the souls in Limbo. Its provenance, having been with C. & J. Goodfriend in New York before being acquired in 1989 and then passed down to the present owner, underscores the work’s historical and collector interest, contributing significantly to its high auction value.

Nicolas Beatrizet’s Column for the Baldacchino, or Solomonic Column, from: Speculum Romanae Magnificentiae (Lot 52) exceeded its median estimate of £850 by 205.88%, achieving a final hammer price of £2,600. This intricate engraving on laid paper from 1540-1566 showcases the opulence and grandeur of a Solomonic column with twisting shafts and ornate decorations. The detailed depiction of acanthus leaves, coiling vines, and classical motifs reflects Renaissance admiration for classical antiquity and architectural mastery. The artwork's provenance, including acquisition by Eric G. Stanley through Christie's London in 1989, underscores its rarity and collector's interest, enhancing its value at auction.

Bottom Performing Lots Against Median Estimate

Charles Joseph Hullmandel’s Four Portraits: Katherine Anne North, Lady Glenbervie; Sylvester Douglas, Lord Glenbervie; The Honorable Frederic Sylvester Douglas; and Frederic North, The Earl of Guildford (Lot 133) significantly underperformed, achieving only 15% of its median estimate with a hammer price of £300 compared to the expected £2,000. These lithographs on wove paper, created after Jean-Auguste-Dominique Ingres, are finely detailed portraits that capture the dignified and refined elegance of their subjects. Despite their historical and artistic value, the stark, plain backgrounds and neutral tones may have contributed to a lack of visual impact, possibly leading to lower interest among bidders. The provenance, including Knoedler & Co. and the Cincinnati Art Museum’s former director, John Wesley Warrington, did not sufficiently elevate their market appeal, resulting in a disappointing auction performance.

Jacques Bellange’s The Death of Portia (Lot 86) also fell short, achieving only 23.3% of its median estimate, with a final hammer price of £1,400 against a £6,000 estimate. This etching from 1612-1616 portrays a deeply emotional scene of grief and despair, characterized by somber tones and intense line work. The image of Portia, consumed by sorrow, is a powerful depiction of human emotion within a setting of wealth and opulence. Despite its historical significance and the strong provenance from Sam Josefowitz’s collection, the niche subject matter and the subdued palette may have limited its broader appeal, contributing to its underwhelming auction result.

Lucas van Leyden’s The Mouth of Truth (Lot 66) performed at 24% of its median estimate, selling for £3,000 against an expectation of £12,500. This woodcut from 1514, featuring detailed figures around a central pillar with a stone face, likely representing "The Mouth of Truth," is a compelling narrative piece. The intricate line work and historical attire add depth and context to the scene, exploring themes of truth, judgment, and societal scrutiny. However, despite its fine early impression and provenance from the Fürst von Liechtenstein collection, the restoration defects and niche subject matter may have hindered its market performance, leading to a lower-than-expected auction result.

Conclusion

Albrecht Dürer emerged as the standout artist, with all his 26 lots sold, confirming his enduring appeal and market strength. Notable works such as Saint Eustace and Melencolia I performed exceptionally well, highlighting themes of faith, intellectual struggle, and the human condition, underscored by meticulous detail and masterful use of light and shadow. These pieces, coupled with their strong provenance, resonated deeply with collectors, driving high sales.

Rembrandt Harmensz. van Rijn also had a commendable presence, with significant sales like Self-Portrait leaning on a Stone Sill, which performed 200% of its median estimate. Rembrandt's ability to convey profound psychological depth and introspection through his etchings remains unparalleled, and his works continue to attract substantial interest due to their emotional intensity and historical significance.

On the other hand, several lots significantly underperformed, notably Charles Joseph Hullmandel's Four Portraits, Jacques Bellange's The Death of Portia, and Lucas van Leyden's The Mouth of Truth. These pieces, despite their historical value and detailed craftsmanship, struggled to meet expectations, likely due to their niche subject matter and less visually impactful presentation. The subdued color palettes and specific themes of personal tragedy and societal scrutiny may have limited their broader appeal.

Provenance played a crucial role in the auction, with many high-performing lots boasting distinguished histories from notable collections such as those of Sam Josefowitz and the Fürst von Liechtenstein. This underscores the importance of provenance in establishing the desirability and value of artworks, especially in the highly competitive market of old master prints.

Collectors and investors should keep an eye on artists like Albrecht Dürer and Rembrandt Harmensz. van Rijn, whose works consistently command high prices and remain in demand for their exceptional craftsmanship and emotional depth. Additionally, provenance continues to be a key factor in the market value of prints, with pieces from well-documented and prestigious collections likely to attract stronger interest and higher bids.