Old master sales show resilience amid art weakness

LONDON (Reuters) - Sotheby's sold Old Masters' paintings worth 13.3 million pounds ($19.7 million) on Wednesday, close to the top end of expectations and bucking the recent art market trend of disappointing results.

The top lot on the night was Frans van Mieris the Elder's "A Young Woman in a Red Jacket Feeding a Parrot," which fetched 3.6 million pounds including a buyer's premium compared with pre-sale estimates of 500-700,000 pounds without the premium.

Not far behind was a portrait on marble of 16th century Florentine banker Bindo Altoviti by Girolamo da Carpi, which went under the hammer for 3.1 million pounds, well above expectations of 200-300,000 pounds.

"This evening's sale showed enormous strength for quality paintings with attractive estimates that are fresh to the market," said Alex Bell, international head of Sotheby's old masters' department.

"The results prove that the market for old master paintings, which enjoys a stable collecting base, is both robust and resilient."

More than one third of the lots on offer, however, did go unsold, and auction houses have had time to revise down their estimates to reflect more cautious conditions.

The top end of the art market has held up well despite gathering financial gloom, but in October values weakened significantly and a series of auctions across the world fell far short of their low pre-sale estimates.

Experts argued that the old masters sector, which has seen less spectacular growth than contemporary art in recent years, could prove to be the most stable.

Christie's also held a series of old master auctions in London this week, and although its total of 20.1 million pounds fell just shy of the low end of expectations, the auction house appeared pleased with the results.

"This week's auctions of old masters pictures at Christie's in London have realized 20.1 million pounds, and saw committed bidding from international collectors, dealers and institutions," said Richard Knight, international director of Christie's old master department.

"The market for old master pictures continues to show strong demand at every level for rare, market-fresh works offered from private collections with appealing estimates."

One of the highlights of the week was the sale of a painting by 18th century Italian master Giambattista Tiepolo found in the attic of a French chateau where it had been left to gather dust because its semi-naked subject was deemed too risque.

"Portrait of a Lady as Flora," believed to be one of a series of paintings commissioned by Empress Elizabeth of Russia, fetched 2.8 million pounds versus pre-sale estimates of 700-900,000 pounds.

The biggest lot at Christie's this week was a portrayal of Venice by Italian master Canaletto, "The Grand Canal, Venice," which sold for 3.8 million pounds, within estimates.

But a second view of the Piazzetta di San Marco by the same artist, expected to fetch 4-6 million pounds, failed to sell.