Sotheby’s and Christie’s Online Art Sales See a Wild West Boom With Auction Houses Shut by COVID-19

Emilee Geist

ROME—In early 2021, the rare Sandro Botticelli masterpiece “Young Man Holding a Roundel” will be sold on an anonymous online auction through Sotheby’s in what will be a landmark blue-chip art sale in an industry that has suffered greatly during the pandemic with closed galleries, cancelled art fairs, and shuttered […]

ROME—In early 2021, the rare Sandro Botticelli masterpiece “Young Man Holding a Roundel” will be sold on an anonymous online auction through Sotheby’s in what will be a landmark blue-chip art sale in an industry that has suffered greatly during the pandemic with closed galleries, cancelled art fairs, and shuttered auction houses.

The painting, which billionaire Manhattan art collector Sheldon Solow bought in 1982 for $1.3 million, is expected to go for more than $80 million, marking the largest ever online art sale—pandemic or not. It is also what art dealers are calling a “test run” for the future of an industry that has long relied on physical sales to guarantee provenance on higher priced masterpieces and collectibles, according to Bloomberg.

Sotheby’s has so far declined to confirm if Solow is still the owner of the Renaissance painting, which was created in Italy in 1480 and which has spent the last seven years on loan to the Metropolitan Museum of Art in New York City. But the sale will eclipse the previous online sales record set last year when Sotheby’s sold the so-called “Contemporary Curated” collection that featured an Andy Warhol and a Damien Hirst for $6.4 million.

Source Article

Next Post

UAE’s autumn season of art kicks into high gear with exciting, illuminating shows

After the summer season of exhibitions was almost wiped out by the coronavirus pandemic and the ensuing lockdowns, the galleries and curators in the UAE are back in action offering high quality of programming to the eager enthusiasts and the art-loving community in the country, Today marks the unveiling of […]