Our analysis of the art market

Galvanized by major discoveries, the market for Old Master Paintings remains dynamic and solid, as shown by the auction records achieved since the end of lockdown. It has in fact recovered and even exceeded its 2019 level, recording a 19% increase in 2021. Some of the works that we have appraised have obtained very strong prices, while others remain accessible, contributing to the dynamism of the market: for a few tens of thousands of euros, art lovers can afford to bid against institutions and thus acquire a work of museum quality.

Beyond the records made at auction, our most beautiful reward is also the thrill of rediscovering a painting, its history, and the enrichment of the cultural history of France and important collections.

Bernhard STRIGEL (Memmingen 1460 - 1528), Ange thuriféraire vêtu d'une tunique jaune 

In February 2022, Thurifer Angel in a Yellow Tunic, a rare panel by Bernhard Strigel, was offered at auction by the Artpaugée auction house in Toulouse. Authenticated and rediscovered by Philippine Motais de Narbonne, this small panel is in fact the counterpart of  Thurifer Angel (in a Purple Robe), of the Louvre Abu Dhabi, both works come from the same altarpiece created in 1521-1522 for the Church of Our Lady in Memmingen. The small panel, which fetched nearly 3.5 million euros, is now on display alongside its counterpart. The appraisal of this work not only led to a magnificent sale result, but also and above all to the discovery of an exceptional masterpiece, a valuable addition to the artist's oeuvre.

Jean-Honoré FRAGONARD (Grasse 1732 – Paris 1806), Un philosophe lisant

Another wonderful discovery made by our office was that of Fragonard's Philosophe Lisant. Hanging for several generations in an apartment in Champagne, the painting's attribution had been lost and the work itself somewhat forgotten. During the division of an estate, auctioneer Maître Petit sent a photograph of the painting to Stéphane Pinta who had an immediate intuition.

Our painting is probably the first version of a composition that was very much in demand at the time, painted at the peak of Jean-Honoré Fragonard's career. Sold for nearly 7.7 million euros to a private French collection, this work set a new record for the artist and was revealed after two hundred years of oblivion, a major addition to the oeuvre of Fragonard.

Museums are an essential driving force behind the dynamism of the Old Masters market. French museums, with the Louvre at the forefront, but also English and especially American museums, are among the main forces in this market. With the spectacular development of cultural tourism in recent decades, the number of museums in the world has risen sharply, from 22,000 in 1975 to 95,000 in 2021. As with the Musée Carnavalet or the Hôtel de la Marine, the reopening and inaugurations of museums entirely, or partially, dedicated to Old Master Paintings are multiplying. These institutions have an active policy of purchasing paintings to enrich their collections.

The speed of digital information, as well as the extreme precision of digital tools, has created considerable interest in our discipline. The excellent results recorded in France since 2019 testify to the impact of the dissemination of quality appraisals. It is now possible when organizing a sale outside the major capitals - in Toulouse, Dijon, Senlis, Épernay - to attract the most important collectors and the most important museums. On 30 November 2019, at the auction house of Maître Cortot in Dijon, we saw one of the greatest museums in the world, New York’s Metropolitan Museum of Art, bid on and acquire the Virgin and Child Enthroned by the Master of Vissy-Brod, which we had identified, for 6.2 million euros.

This accessibility of information through digital technology has also generated a hitherto unheard of phenomenon: the acquisition of a work based on the word of the expert and not on a direct examination of the work. Thus, on 16 June 2020, at Hôtel Drouot in a sale conducted by the Daguerre auction house, a previously unrecorded painting by Jusepe de Ribera, unknown to specialists, which we brought to light, was sold for nearly 2 million euros without any of the bidders having seen the painting before the sale. The high definition photographs, videos, complete file of presentation of the work, detailed condition report, etc..., were decisive in attracting potential buyers.