The Art World's Hot Investment

Sotheby’s sale the following evening produced more pleasant surprises. Lot 35, a minute, 16th century portrait of the prosperous Italian banker Bindo Altoviti, by Girolamo da Carpi, a relatively minor painter from Northern Italy, was given a modest pre-sale estimate of £200-300,000. Yet due to its exquisite quality and market rarity, the picture sold for over ten times its estimate, going to an anonymous telephone buyer for £3.1 million pounds.

Bindo Altoviti by Girolamo da Carpi, Photo Courtesy of Sotheby’s

Part of the reason that these Old Masters are enjoying such consistent demand is that it comes from a smaller crowd of dedicated collectors, where connoisseurship trumps trend and speculation. This is art that appreciates gradually, and lacks the instantly recognizable brand of a Hirst, Koons or Warhol, which inevitably attracts a larger pool of work flippers and status seekers. The trophy hunting collector of Old Masters is of a different ilk. As seen in a record setting sale last year, they will pay $37.5 million for a portrait of Lorenzo d’ Medici that may be unfamiliar to some. Those that have been paying attention, however, will know that it was painted by Raphael.

And while the prestige of a name in an Old Masters certainly increases its value, its beauty and rarity is of equal importance. In the case of the Da Carpi success, Inés Nieto, a private Old Masters dealer based in London observed the work’s debut, having not appeared on the market recently, was “technically stunning…Some parts had very bad restoration but the bits that were original, like the face, just blew you away.”

Admittedly, the Old Masters scene is undoubtedly less exciting than its modern counterparts--white wine, grey hair, and tweed suits don’t really come across as desirable alternatives to last weekend’s crash course in decadence. Nevertheless, there is a distinct pleasure that comes with bucking whatever is currently hot and instead opting to own something that is of classic and indisputable value. A picture like the Da Carpi isn’t one that is going to blow one’s houseguests away like a golden calf in formaldehyde will. Nevertheless, it can be enjoyed, for the simple fact that it is a beautifully painted picture. In these days and times, such integrity is refreshing.

James Wilentz loves Old Master paintings as much as he has loved hip hop. After eschewing a career in the music business, he now runs oldmastersnewperspectives.com, a website dedicated to insightful coverage of the art, which he sees as undervalued. He currently seeks to cultivate interest in Old Masters with a younger generation of collectors—by explaining their connection and resonance with contemporary art and our lives today, and by showing how many great works are still accessible and affordable. He can be reached via email at: james@oldmastersnewperspectives.com.