The Neo Art Magazine

Last updated on December 23rd, 2024 at 07:49 pm

The Old Masters market most definitely has the elderly, and those with traditional taste as its target audience, but it would seem that the market is going through a once in a life time renaissance. The recent sales at Sotheby’s and Christie’s, along with the new tactics being deployed by galleries and fairs, have all pointed toward the fact that new collectors are starting to appreciate these masterpiece works of art.  The fact that these new collectors are inclined towards such masterpieces serves to bring new life to the market while also molding its future.

An Industry on the Rise

Sotheby’s has recently been on a roll, receiving more than it expected, and back on Thursday, its Old Masters and 19th-century painting evening bids were valued at $25 million, but the company ended up receiving $30.6 million. The competition made it clear that there is a market for more young collectors while also providing seasoned ones with ample fresh materials to work with. Chloe Stead, Sotheby’s global head of private Old Masters sales, stated that such success only emphasizes the sprouting state of the collector economy.

The results were astonishing. Almost 60% of sold lots included paintings that exceeded their high estimates, with six fetching works above the $1 million mark. Prominent among these was Rosso Fiorentino’s The Virgin and Child with Infant Saint John the Baptist, which sold for $3.64 million, and George Stubbs The Spanish Painter, which attracted $2.28 million.

Why New Collectors Are Turning to Old Masters

The recovery of the younger generation in regard to Old Masters paintings, together with the interest of contemporary art buyers in these paintings, points out some crucial changes in their perception. According to Milo Dickenson, who runs Dickenson, a gallery in London that specializes in Old Masters, such works are more often said to be ‘stylish rather than old-fashioned.’. This tendency is especially observed with young buyers in their 30s to 40s who realize that Old Masters paintings have something to offer, unlike contemporary art that most times costs exorbitantly.

For younger collectors who wish to enrich their portfolios with art that connects the past and present, Old Masters fit nicely because they serve to enhance modern collections. “With bidders looking to push the boundaries of stylistic art direction, it’s straightforward to see how pieces painted by Botticelli or Rembrandt next to Rothko or Picasso can create intriguing visual conversation,” noted Harry Dalmeny of Sotheby’s. Such dissimilarity appeals to the concerns of a new kind of buyer.

Telling A Story To Acquire New Clients

The most useful methods of securing the interest of younger clientele have been through storytelling and marketing. Auctioneers, together with the dealers, are making concerted efforts to market the Old Masters in such a manner that the modern-day conscience applies to it. For example, Flavio Gianassi of FG Fine Art Ltd. noted that when targeting younger buyers, the ability to showcase paintings depicting unique or intriguing subjects alongside rightful histories should be present as well. These frameworks certainly help the potential buyers in having a more direct connection to the artwork and also provide a better context of the art as an investment.

Instagram has played a significant role in acquiring new clients in the art world. By providing captivating images and even more captivating stories, galleries such as Dickenson are winning the attention of clients in their 30s and 40s. This initiative conveniently adds to the existing ones, and it helps with educating the target market.

Crossing Over: Contemporary Collectors Explore Old Masters

The carnal world of arts has recently experienced a surge in the crossover of contemporary collectors into the Old Masters realm. It can be observed that a sizeable fraction of buyers in recent Old Masters sales at Sotheby’s and Christie’s were already collectors of modern and contemporary art. Clementine Sinclair, who heads Christie’s Old Masters in London, claimed that over 80 percent of clients who placed bids in their December 3 sale were already well-established collectors of other categories. This phenomenon is not akin to Old Masters alone; this trend goes to illustrate the versatility and the timeless nature of Old Masters.

To the much greater surprise of experts, this trend does not remain exclusive to veterans. Emerging players in the art market are realizing that Old Masters are a great first step, as they are both cheap and inaccessible as compared to their contemporaries. As Dickenson elaborated, new buyers of Old Masters oftentimes are taken aback by their affordability compared to contemporary works. For example, a Tintoretto sold to a new collector the other day left the latter feeling shocked at how cheap it was in terms of the value it provided them.

Creating Awesomeness: The Events and Auctions

Winning new collectors takes more than communiqués that sparkle; storylines have to be electrifying and facilitate the construction of a community around Old Masters. As the general secretary of the Florence International Biennial of Antiques (BIAF), Fabrizio Moretti has been an active proponent of organizing fun and entertaining events, calling younger people to attend. As it turns out, charity dinners, along with some other fun activities like themed exhibitions and interactive auction previews, have made the Old Masters market a little easier to enter.

For this approach, Sotheby’s incorporates the sale of Old Master prints on December 6 and Christie’s auction sale, which was held on the 3rd of November. Sotheby’s also had an 87% sell-through and registered about twenty-five percent of repeat buyers. On the other hand, Christie’s raised $18 million on 23 lots that included Van Dyck’s two-sided portrait painted in 1621, with the highest at $4.35 million.

Teaching new collectors how to build confidence

For new collectors in the Old Masters market, navigating the three Ms can be challenging. For instance, Crichton-Stuart, the director of Agnews Gallery and a passionate art dealer, holds the belief that these three Ms are not adequately addressed. Focus on telling stories that deepen the understanding of conservation, provenance, and the context of works to target younger audiences and build trust.

Education also requires an understanding of what the artistry of the Old Masters entails. This means helping collectors “educate their eyes,” as Gianassi put it, by offering them works of art that bristle with technical skill and tell stories. Galleries and auction houses are managing to change the would-be buyers’ passive interest into active participation by encouraging people to purchase works and making the collecting process more pleasant and interesting.

The Old Masters Adrift: Young Blood at the Controls

While there are questions regarding the traditional Old Masters collector’s market that encompasses a lot of old people who are elderly, the future of the market seems encouraging. Sinclair of Christie’s remote controls doomsday narratives on the supply and interest issue, identifying the countless number of works still available in six centuries of recorded art. She said that as long as auction houses and galleries ensure there is A-grade material, they will always respond.

Sotheby’s Branczik confirmed this point of view, also noting the ability of the auction house to complement one section to another. Adopting this orientation, Sotheby’s encourages buyers to think about art in the limits A year from now, they are going to stimulate a fluffy style of collecting art so that people are still younger.

A Resurrection for Old Masters

The recent views by the new patrons for Old Masters signify the fact that these works have a timeless value. Storytelling, social media, and event marketing are all being utilized by auction houses and galleries as a means to capture a young and broader audience. These younger collectors are not only enlivening the market but also helping the Old Masters name altogether last for centuries.

The Old Masters market is gradually elevating, and indeed it will be these new collectors who will determine its fate. These are people who appreciate history, art, and craftsmanship.  Their pursuit, as well as investment, is showing that Old Masters are not vestiges of past time but living links to our past civilizations.