The big two held back-to-back Old Masters auctions in New York last week after Christie's reverted to holding a January sale following a two-year absence. As it turned out, they were unable to put together as high a quality offering, and their hammer total of $11.7m (£8.6m) from their Important Old Masters on January 28 was only just above the amount Sotheby's made from one painting the day after.
Sotheby's Important Old Masters sale on January 28 totalled $52.7m (£38.75m), but this was below the pre-sale low estimate of $74.4m (£54.7m).
The major lot of the series was J.M.W. Turner's (1775-1851) The Temple of Jupiter Panellenius Restored, which had been consigned to Sotheby's by New York dealer Richard Feigen and was estimated at $12m-16m.
Mr Feigen had bought it in 1982 at Christie's in London for £648,000 and had agreed to sell the work last year before the art market downturn in the autumn. He had turned down the offer of an $8m guarantee.
It was announced before the lot was offered that "an irrevocable bid" had already been made, which according to Sotheby's was set up two days before the sale.
Sitting in the front row of the saleroom, Mr Feigen saw it sell to a telephone bidder for $11.5m (£8.46m).
A full report of the New York Old Master auctions will appear in next week's ATG printed newspaper. To subcribe, click here.
By Alex Capon
