Particularly noteworthy in this last group is the case of Italy, with several old master paintings in private hands, which nevertheless cannot be sold to a foreign buyer, drastically reducing their valuation. Open market vs restricted marketĪ crucial point when establishing the value of a painting is to take into account the country in which it is kept, as several territories establish limitations on the export of works of art (especially for old master’s art and ancient art), ranging from the right of first refusal by the state to a ban on the export of works considered national art treasures. This is, in short, a “gray area” in which we will try to establish as realistic an approach as possible for each case. Frey and Stephan Meier: “ Museums between Private and Public the Case of the Beyeler Museum in Basel,” 2020). Take the Fondation Beyeler, whose directorate has made it clear that the core of the collection cannot be sold (see Bruno S. While there have been notable sales by family museums / institutions (the most notable case being Gauguin’s “ Nafea faa ipoipo“, which the Rudolf Staechelin Trust sold for $210 million in 2015) other private museums seem not to contemplate selling their most valuable works. In Europe, the situation is equally difficult to define. Image: Van Gogh’s “Starry Night” ( shown here) or Picasso’s “Les Demoiselles d’Avignon” could easily fetch a price between $500 million and $1 billion each if the Museum of Modern Art decided to sell them. Durand’s “Kindred Spirits,” sold by the New York Public Library for $35 million in 2005. However, there have been sales of major works by smaller museums, such as the famous “Artemis and the Stag,” sold in 2007 by the Albright-Knox Art Gallery for $28.6 million, or Asher B. So, will the Met or the MoMA be selling some of its coveted masterpieces soon? While theoretically possible, that will not be happening in the foreseen future given the strict conditions for deaccessioning of works (read what the MoMA and the Met say about this). sale) of artworks by these museums happen every year. While “privately owned” is often understood as the opposite to “museum owned”, it must be noted that many American Museums (and -to a lesser extent- some European Institutions) are actually private institutions that could sell any of their artworks if the board of directors / trustees vote for that. However, there is virtually zero chances of watching them on the art market. Raphael Cartoons (such as this “St Paul Preaching in Athens”, shown here) are owned by the Queen of England, and can be valued at over $400 million each. Therefore, works from this collection will not appear in the following list. However, the scenario of the Queen selling one this masterpieces (specially on the open market) seems totally implausible. The Duke of Edinburgh once declared that the Queen was “perfectly at liberty to sell them”. While there is still some debate about it, it is believed that most of the works of the collection (including masterpieces by Raphael, Caravaggio, Bruegel, and Rembrandt) are owned by the monarch personally. The most illustrative example is the Royal Collection, owned by the Queen of England. Therefore, some observations and exceptions should be made when talking about privately owned paintings, in the sense that not all “private collections” seem destined to end up on the art market. The intention of this list is to showcase those paintings that could realistically (though not necessarily) reach the market in the future. Last updated: February 2023 The most valuable paintings in private hands Considerations The estimate price (justified for each of the paintings in this list) is based on many facts, including its provenance and sale history. This list highlights the most valuable paintings still in private hands. Some of them belong to private Art collectors, a practice that has experienced a remarkable boom in recent decades, resulting in a considerable increase in the price of works by the most important artists. Not all Art masterworks are exhibited in the great museums of the world. reasoned list of the most valuable paintings in private collections.Gustav Klimt – Wasserschlangen II Freundinnen – 1907 – Oil on canvas – 80 x 145 cm – Private collection
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