Time for Old Masters again

Old masters out-perform impressionist and contemporary art in summer sales of 2009
Strong material means market remains buoyant

By Bruce Millar

london. Old master paintings sold solidly at a series of auctions in London this week, out-performing the summer’s impressionist, modern and contemporary sales for the first time in several years.

Christie’s sale on 7 July reached a total of £20m, with 76% of the 63 lots selling–a 10% improvement on sell-through rates in recent years, bolstered by the inclusion of 19th-century paintings for the first time.

At Sotheby’s, the evening old master sale on 8 July brought in a total of £36m, compared with £33m for the summer impressionist auctions and £25m for the modern and contemporary sales. Both major auction houses have struggled in the latter categories to find strong material, reducing pre-sale price estimates.