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Botticelli $4.6 Million Follows Martini Record at Sotheby’s

Sotheby’s Old Masters sale in New York today racked up a few high prices after the early record set for a Simone Martini.

“Madonna and Child with the Young Baptist,” attributed to Botticelli and his studio, fetched $4.6 million, well over its estimated range of $1 million to $1.5 million. A few lots later, “Saint Jerome in the Wilderness” by Fra Bartolommeo soared past its high estimate of $2 million to sell for $4.9 million.

The fireworks subsided as “Lucretia,” a painting by Lucas Cranach the Elder of a Roman noblewoman who committed suicide after being raped, went for $5.1 million, within the presale estimate of $4 million to $6 million. Painted around 1510, it depicts a sad-eyed woman with one breast exposed and pointing a dagger at her belly.

A Canaletto view of Venice’s Redentore and San Giacomo churches went for $5.7 million, also landing within its presale range of $5 million to $7 million -- the highest estimate in the sale. The painting came from the estate of Lady Irene Forte, whose late husband, Charles Forte, founded the Trusthouse Forte hotel and restaurant group.

Earlier, “The Virgin Annunciate,” a small 14th-century oil panel by Siena-born Martini (circa 1284-1344), fetched $4.1 million, edging past its presale estimate of $3 million to $4 million. The artist’s previous record of $418,000 came at Christie’s in 1991, according to Artnet.

Three telephone bidders vied for the work in a packed, quiet sales room. It was one of the oldest lots in this week’s Sotheby’s (BID) auctions. Painted on a gold ground, it shows a startled Madonna in a flowing deep-blue cloak.

The work was part of a diptych, according to Sotheby’s. Its left side would have depicted the angel Gabriel announcing the news of the Virgin’s coming motherhood.

Martini painted several Annunciation pieces, the most famous of which is currently in the collection of the Uffizi in Florence.

The auction is part of the Old Masters week at Christie’s and Sotheby’s, expected to bring as much $194 million.

To contact the reporter of this story: Katya Kazakina in New York at kkazakina@bloomberg.net.

To contact the editor responsible for this story: Manuela Hoelterhoff at mhoelterhoff@bloomberg.net.

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Source: Sotheby's via Bloomberg

"Madonna and Child with the Young Baptist'' by Alessandro de Mariano Filipepi, called Botticelli and Studio fetched $4.6 million at Sotheby's today. It's part of the Old Masters auction week in New York.

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Source: Sotheby's via Bloomberg

"Madonna and Child with the Young Baptist'' by Alessandro de Mariano Filipepi, called Botticelli and Studio fetched $4.6 million at Sotheby's today. It's part of the Old Masters auction week in New York. Close

"Madonna and Child with the Young Baptist'' by Alessandro de Mariano Filipepi, called Botticelli and Studio fetched... Read More

Source: Sotheby's via Bloomberg

"The Virgin Annunciate" by Simone Martini. The painting, gold ground tempera on panel, fetched $4.1 million at Sotheby's today. Close

"The Virgin Annunciate" by Simone Martini. The painting, gold ground tempera on panel, fetched $4.1 million at Sotheby's today.

Source: Sotheby's via Bloomberg

"Lucretia" by Lucas Cranach the Elder. The work, circa 1510, is oil on panel, with a Sotheby's estimate of $4 million to $6 million. Close

"Lucretia" by Lucas Cranach the Elder. The work, circa 1510, is oil on panel, with a Sotheby's estimate of $4 million to $6 million.

Source: Sotheby's via Bloomberg

"Venice" by Giovanni Antonio Canal (Canaletto). The iconic painting, depicting the Redentore and San Giacomo churches, will be Sotheby's top lot with an estimate range of $5 million to $7 million. Close

"Venice" by Giovanni Antonio Canal (Canaletto). The iconic painting, depicting the Redentore and San Giacomo... Read More

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