Author: arturo

Oil on canvas, measuring 97 × 130 cm. Held in a private collection located in Qatar.

Cézanne’s series of “The Card Players,” alongside his “Bathers” and panoramic views of Mount Sainte-Victoire, is regarded as his magnum opus. In this deceptively simple composition, Cézanne amplifies volumes while diffusing perspective, creating a “proto-Cubist” effect. This particular rendition represents the final installment of the series and is currently housed in a private collection.

Regarding its estimated value: In contrast to artists like Picasso or Van Gogh, Cézanne’s major works rarely surface on the art market. “The Card Players” is widely acknowledged as the most significant Cézanne painting in private ownership. It was purportedly acquired by Qatar for a staggering $250 million in 2011. Multiple dealers reportedly made offers exceeding $200 million, all of which were declined, providing insight into the painting’s considerable value.

“The Jan Six Portrait: Rembrandt’s Masterpiece and the Enigma of Its Market Value”

The Portrait of Jan Six not only stands as Rembrandt’s most significant work in private possession but also ranks among the finest portraits, if not the very finest, of the Dutch Golden Age. In the 1650s, Rembrandt underwent a stylistic transformation, departing from the prevailing meticulousness in Dutch painting and embracing free, loose brushstrokes. This shift resulted in some of his most exceptional works, including “Aristotle with the Bust of Homer” (1653), “Bathsheba in her Bath” (1654), and the iconic “Portrait of Jan Six.” This latter piece is an intense, magnetic portrait, embodying a fully modern conception and execution marked by audacity and mastery.

Regarding the estimated value, it’s essential to acknowledge that when a significant Rembrandt enters the market, it creates an enormous impact. In 2015, the Louvre and the Rijksmuseum jointly acquired the pendant portraits of Maerten Soolmans and Oopjen Coppit for around $200 million. The same price was paid in December 2021 for Rembrandt’s “The Standard Bearer,” acquired by the Dutch State. However, even these notable acquisitions are deemed incomparable to the Jan Six Portrait, valued by art dealer Otto Naumann at “in excess of $150 million” circa 2002-2003, a period when no artwork had breached the $100 million mark. To find a comparable reference, one must harken back to 1961 when the Metropolitan Museum acquired “Aristotle with a Bust of Homer” for $2.3 million, then the highest price ever paid for a work of art. Yet, it could be ventured that even the Metropolitan Museum’s esteemed “Aristotle” pales in comparison to the Jan Six Portrait, described by Hofstede de Groot as “the finest and most expressive” of Rembrandt’s best portraits.

Note: The open market valuation of the Jan Six Portrait comes with a note of complexity. Following the controversy surrounding the 2019 sale of a Rubens drawing owned by Princess Christina, the Dutch government established a committee to devise strategies ensuring that major works of art in the Netherlands could remain in the country. However, the potential impact of this on a hypothetical sale of the Jan Six Portrait remains unclear.

Oil on canvas, measuring 68 x 57 cm. Presently held in a private collection with an undisclosed location.

The “Portrait of Doctor Gachet,” boasting two versions, with this one being the superior and more renowned of the pair, stands as perhaps the finest portrait ever crafted by Van Gogh. According to Guillermo Solana, director of the Thyssen Museum, it ranks among the “12 most important portraits in Western art.” The tale of this famous and brilliant artwork encapsulates the “Japanese buyer boom” of the late 80s and early 90s. Unfortunately, the current whereabouts of the painting are unknown, with some sources suggesting it resides in Europe, awaiting its return to the art market.

Regarding its estimated value: Originally sold for a groundbreaking $82.5 million in 1990, setting an auction record for any work of art at the time. It was subsequently resold in the late 90s for an undisclosed amount (some sources claim $90 million in 1997) to an anonymous private collector. There are indications that it may have been resold for approximately $100 million some years later.

An iconic masterpiece by a legendary artist, this painting encompasses all the elements of a true gem. It possesses the potential to be the focal point of a significant modern art museum, with only minor doubts about its provenance during the WWII era preventing it from claiming the top spot in this list.

Oil on cypress wood, measuring 237 x 189 cm. Currently housed in the Odescalchi Balbi Collection in Rome.

This artwork represents one of two paintings by Caravaggio portraying the same subject, both commissioned by Cardinal Cerasi. Crafted in 1600, the same year Caravaggio completed his acclaimed masterpiece, “The Calling of Saint Matthew,” this large painting stands as an impressive testament to the artist’s skill and vision. It holds a distinguished place among Caravaggio’s most significant works.

Regarding its estimated value: Caravaggio’s works seldom surface on the market, with suggested prices reaching as high as $100 million for less significant pieces by the artist. In 2019, a “Judith and Holofernes” with a contested attribution was offered at auction with an estimated price of approximately 170 million euros and was sold privately before the auction for an undisclosed sum. Unlike those instances, this painting is deemed a supreme masterpiece and marks the final monumental work by Caravaggio in private ownership.

Note: The open market valuation is subject to Italian export restrictions, preventing the painting from being sold to a foreign buyer.

Oil on wood, measuring 65.6 x 45.4 cm. Held in a private collection.

Leonardo da Vinci is known to have painted a “Salvator Mundi” for King Louis XII of France. Long considered lost by art experts, one of its purported “copies” was acquired by a consortium of art dealers in 2005 and subsequently reattributed (though not unanimously) to Leonardo. In late 2011, this work was featured in the exhibition “Leonardo da Vinci: Painter at the Court of Milan” at the National Gallery in London. In November 2017, “Salvator Mundi” achieved a staggering sale price of $450.3 million (including buyer’s premium) at Christie’s New York, setting a record as the most expensive painting ever sold at auction. This remarkable price underscores the extreme rarity of paintings by Leonardo da Vinci, with fewer than 20 acknowledged as genuine works from the artist, and all the undisputed pieces residing in museum collections.

Regarding its estimated value: The willingness of collectors to pay a substantial sum for a painting with a disputed attribution is evident in the $450 million achieved at Christie’s in November 2017. This sale price was particularly surprising not only because the work had been on the market shortly before with a much lower price tag (allegedly asking for $200 million and eventually sold for “over $75 million” to Yves Bouvier in 2012, who then sold it to Dmitry Rybolovlev for $127.5 million), but also due to the skepticism of many reputable experts who remain unconvinced about its attribution. Between 2019 and 2021, conflicting reports emerged about the Louvre Museum’s stance on the painting, either supporting the attribution or rejecting it. In a cautious stance, the Museo del Prado included the “Salvator Mundi” in the category of “works attributed to or supervised by Da Vinci” during the exhibition “Leonardo and the copy of Mona Lisa” in 2021-2022, reflecting a fairly neutral position amid the ongoing debate.

Time and further technical studies will ultimately determine whether this artwork is truly an undisputed painting by the renowned artist or if it becomes the “Theranos” of the art world, revealing itself as the creation of a follower.

Oil on canvas, measuring 150 x 100 cm.
Part of the Goulandris Foundation collection in Athens.

Long concealed within the private holdings of Basil Goulandris, this Picasso artwork holds immense significance, directly tied to his masterpiece “Les Demoiselles d’Avignon,” acknowledged as the most pivotal painting of the 20th century.
Regarding its estimated value: Some sources have suggested that this noteworthy painting could be valued at $250 million. Such an estimate is not unwarranted, given the historical importance of Picasso’s work from 1906-07. While the Picassos sold for over $150 million (refer to separate entries) are typically later, more vibrant pieces, it’s crucial to note that a Picasso of this nature, reminiscent of “Les Demoiselles d’Avignon,” hasn’t appeared on the market in recent times. In essence, this painting stands as the closest counterpart to “Les Demoiselles d’Avignon” in private ownership. As an indication of potential market response, consider the 2005 Sotheby’s auction of “Nu Jaune,” a small watercolor from 1907 that served as a preliminary study for “Les Demoiselles d’Avignon.” It fetched $13.7 million against an initial estimate of $3-4 million.

Oil on canvas, measuring 60.5 x 50 cm. Housed in the Niarchos collection.

Vincent van Gogh’s collection of 32 self-portraits stands as some of the most instantly recognizable images in art history. Notably, the two self-portraits featuring a bandaged ear (including this one and another from the Courtauld Institute Galleries) are especially renowned, encapsulating one of the most discussed and, simultaneously, misunderstood moments in the artist’s life.

Regarding its estimated value: Acquired discreetly by the Niarchos family in the early ’90s or prior, the exact purchase price remains undisclosed. A smaller and less significant self-portrait by Van Gogh achieved a remarkable sale of $71.5 million in 1998, marking the third-highest price ever paid for a work of art at that time.

“Madonna of the Yarnwinder” (Buccleuch Madonna), c. 1499-1507 Oil on wood, measuring 48.3 x 36.9 cm. Held in the Buccleuch collection (currently on loan to the National Galleries of Scotland)

“Madonna of the Yarnwinder” (Lansdowne Madonna), c. 1499-1507 Oil on wood, measuring 50.2 x 34.6 cm. Part of a private collection in New York

A captivating debate surrounding the authenticity of a work by Leonardo da Vinci centers on the two versions of the original, purportedly lost, “Madonna dei fusi” or “Madonna of the Yarnwinder.” One version is housed in the Drumlanrig Castle collection in Scotland (stolen in 2003 and recovered in 2007), while the other was previously part of the Reford collection in Montreal, reportedly sold to an American private collector.

Regarding the estimated value: The debate around these two paintings differs from the discussions regarding the now-famous “Salvator Mundi,” with both versions of the “Madonna of the Yarnwinder” being well-known, especially the Buccleuch version. Although the attribution to Leonardo remains a subject of serious debate, critics generally agree, based on the intricate underdrawing in both paintings, that Leonardo had some level of involvement in their creation.

Oil on canvas, measuring 138 x 138 cm. Part of the Ronald Lauder collection, currently on loan to Neue Galerie, New York.

Gustav Klimt’s portrait of “Adele Bloch-bauer I,” alongside the renowned “The Kiss,” represents the zenith of his “Golden Period.” Seized by the Nazis during World War II, the painting found its way to the National Gallery of Austria in 1948. In 2006, it was rightfully returned to Maria Altmann.

Regarding the estimated value: In 2006, this masterpiece was sold for $135 million, marking the highest price ever paid for a painting at that time. For perspective on its potential increased worth, consider that the second version of the portrait (of lesser significance than this one) fetched $88 million at Christie’s New York in 2006 and was later resold to a Chinese buyer for $150 million in 2016.

Oil on canvas, measuring 130 x 97 cm. Image: © Estate of Pablo Picasso/ARS Part of the Steven Cohen collection.

The alluring portraits of Marie-Thérèse Walter, painted by Picasso in the early 1930s, particularly during his remarkable “magic year” of 1932, stand out as some of the artist’s most recognized works. This painting showcases Picasso’s lover and muse seated in a red armchair with closed eyes. The soft hues of the young woman’s body create a striking contrast against the vibrant colors of the sofa and the background wall. Notably, Picasso introduces an explicitly erotic element atop her head, a feature often interpreted by contemporary critics as a distinctly sexist element.

Regarding the estimated value: The sales history of this painting is intriguing. Initially auctioned for $48.4 million in New York at the iconic 1997 Ganz auction, it nearly went for a private sale at $139 million in 2006, but the transaction was hindered by damage inflicted by its then-owner, Steve Wynn. Eventually, in 2013, mega-collector Steve Cohen acquired it for $155 million. Will its value continue to ascend? While subjective, the perception is that “The Dream” has gained unparalleled fame among Marie-Thérèse’s portraits, surpassing even “Girl before a Mirror” from MoMA. As the centerpiece of the Tate’s major exhibition, “Picasso 1932 – Love, Fame, Tragedy,” in 2018, its newfound iconic status is likely to contribute to further appreciation. Additionally, the significant revaluation of Picasso’s major works over the last two to three decades is evident when considering “The Women of Algiers,” auctioned for $31.9 million in 1997 and later sold for $179.4 million in 2015. A recent comparison is “Woman Seated near a Window (Marie-Thérèse),” another Picasso from 1932, auctioned for $103 million in 2021, following a $45 million sale in 2013.

Oil on canvas, measuring 243.8 x 121.9 cm. Image: © Artists Rights Society (ARS), NY Currently housed in a private collection in the USA, reportedly owned by David Martínez according to some sources.

This artwork by Pollock is renowned for its distinctive drips and belongs to his pinnacle period spanning 1947 to 1950. Before its sale in 2006, the painting was part of the collections of two globally acclaimed contemporary art enthusiasts: Samuel Irving Newhouse and David Geffen.

Regarding the estimated value: Acquired for a groundbreaking $140 million in a private sale in 2006, this transaction set a record as the highest price ever paid for a painting at that time. Although there were rumors suggesting Mexican businessman David Martínez as the buyer, he later denied the acquisition. Following the donation of “Lucifer” to Stanford, “Number 5, 1948” remains Pollock’s sole undisputed masterpiece in private hands, ensuring its perpetual desirability. To gauge the appreciation in the value of Pollock’s works since the last sale of this painting, consider “Number 16, 1949,” which fetched $32.6 million in 2013, surpassing the minimum price it failed to reach in 2007. In contrast, reflect on the $200 million spent by Ken Griffin on “Number 17A,” a comparatively less significant work than “Number 5, 1948” (refer to a separate entry).

Oil on canvas, measuring 171 x 121 cm. Image: © Succession Willem de Kooning / Artists Rights Society (ARS), NY Part of the Steve Cohen collection.

Between 1950 and 1953, after a period primarily focused on abstraction, Willem de Kooning produced a significant series of six expansive canvases exploring the female figure, widely regarded as his most crucial works. Originally housed in the Museum of Contemporary Art in Tehran, this painting had to be sold following the Islamic Revolution of 1979.

Regarding the estimated value: Acquired for $137.5 million in a private sale in 2006, “Woman III” stands out as a key postwar painting, according to Sandy Heller, who advised Steve Cohen on the purchase. Heller even goes so far as to claim that it is “arguably the most important postwar painting that is not in a museum.” While this assertion may be debated (artists like Pollock and Bacon also have their contenders), the significance lies in “Woman III” being the sole piece from de Kooning’s “Women” series still residing in private hands. It surpasses even “Interchange,” which fetched an astonishing $300 million in a 2015 sale (refer to a separate entry).

Oil on canvas, measuring 171 x 121 cm. Image: © Succession Willem de Kooning / Artists Rights Society (ARS), NY Part of the Steve Cohen collection.

Between 1950 and 1953, following a period predominantly dedicated to abstraction, Willem de Kooning crafted a series of six expansive canvases examining the female figure, widely acclaimed as his most significant works. This particular painting was originally housed in the Museum of Contemporary Art in Tehran until it had to be sold post the Islamic Revolution of 1979.

Concerning the estimated value: Acquired for $137.5 million in a private sale in 2006, “Woman III” is touted by Sandy Heller, an advisor to Steve Cohen during the purchase, as “arguably the most important postwar painting that is not in a museum.”2 While this assertion may be open to debate (artists like Pollock and Bacon also have contenders), the significance lies in “Woman III” being the only piece from de Kooning’s “Women” series still in a private collection. Hence, it can be deemed the artist’s most crucial work in private hands, surpassing even “Interchange” and its astounding $300 million sale in 2015 (refer to a separate entry).

Oil on canvas, measuring 101 x 77 cm. Part of a private collection located in Qatar.

“Nafea faa ipoipo?” stands as one of Paul Gauguin’s initial creations in Tahiti, notably featured on the cover of Ingo F. Walther’s biography on Gauguin. Previously under the ownership of the Rudolf Staechelin Family Trust, the painting enjoyed an extended loan period at the Kunstmuseum Basel.

Regarding its estimated value: In 2015, reports surfaced that the artwork had been sold to Qatar for $300 million1, potentially setting a record for any artwork during that period. However, in 2017, it was disclosed that the actual sale price was $210 million2, a more realistic valuation, particularly when compared to the sale of Cézanne’s “The Card Players” (refer to a separate entry).

Oil on canvas, measuring 114.6 x 192.5 cm. Currently part of the Duke of Wellington Collection, housed at Aspley House on deposit.

Historically dismissed as a mere copy, this painting underwent restoration in 2014 at the Museo del Prado, affirming its status as the original version commissioned from Titian by Philip II. Representing one of Titian’s most exquisite and sensuous “poesies,” inspired by Ovid’s Metamorphoses, the remarkable quality of this piece suggests significant involvement from Titian himself, possibly with minimal workshop intervention.

Regarding its estimated value: There are scarce sales precedents available for evaluating the worth of this masterpiece. Between 2009 and 2012, the United Kingdom successfully acquired two notable “poesies” by Titian, namely “Diana and Callisto” and “Diana and Actaeon,” for approximately £100 million1, thanks to a favorable financial arrangement with the owner. However, suggestions of prices as high as £300 million2 were circulated if the paintings were to enter the open market. In 1992, the Getty Museum obtained “Venus and Adonis” by Titian (though considered dubious then and now largely attributed to Titian’s workshop) after it was auctioned for $13.5 million3, marking one of the highest prices paid during the early 1990s recession. Going further back in time, “The Death of Actaeon” fetched an extraordinary price of £1.7 million in the 1971 auction, then among the highest ever paid for a painting.

Oil on canvas, measuring 101.6 x 101.6 cm. Part of the Niarchos collection, with an image © Andy Warhol / ARS New York.

Warhol’s Marilyn Monroe portraits stand among the most iconic artworks ever crafted. The “Shot Marilyns” consist of four square canvases, each 40 inches in size, captured by performance artist Dorothy Podber (1932-2008) at the legendary “The Factory” in Manhattan. “Red Marilyn” holds significant prominence as the second most iconic painting in the series, following the orange version.

Regarding its estimated value: In 1989, the “Red” canvas fetched $4.1 million1. Nine years later, the “Orange” painting was sold for $17.3 million2. Another nine years down the line, the “Turquoise” canvas (the sole one not shot by Dorothy Podber) was rumored to have sold for $80 million3. In 2018, reports suggested that the Orange Marilyn went for “over $200 million”4. In 2022, one of the two blue versions (typically less appealing to the market due to the background) was auctioned for $195 million5, inclusive of commissions.

Oil on canvas, measuring 125 x 178 cm. Part of the Gruppo Intesa Sanpaolo Collection.

Believed to be one of Caravaggio’s final works, possibly his last, painted in Naples around 1610. Notably distinct from his Roman period, a stylistic shift akin to “The Denial of St. Peter” in the Metropolitan Museum is evident in this painting.

Regarding its estimated value: Caravaggio’s works rarely enter the market, making them elusive for valuation. Some of his “minor” works have been suggested to command prices up to $100 million1. In 2019, a work with a questionable attribution was slated for auction with an estimated value of approximately €170 million2. It was sold privately before the auction for an undisclosed amount, likely considerably lower than its estimate3. While this painting holds significance within the artist’s career, it may not reach the same level as “The Conversion of St. Paul” from the Odescalchi Balbi collection (refer to a separate entry).

Note: open market valuation. However, due to Italian export restrictions, the painting cannot be sold to a foreign buyer.

Oil on panel, measuring 117 x 161 cm. Held in the Lobkowicz Family Collection, Prague.

“Haymaking” is part of a series of six paintings depicting the seasons, which includes renowned works like “Hunters in the Snow,” “The Gloomy Day,” and “Return of the Herd” (all housed in the Kunsthistorisches Museum, Vienna), along with “The Harvesters” in the Metropolitan Museum. A sixth piece from the series is believed to be lost. This particular painting is representative of the months of June and July, marking the onset of summer and the season of harvest.

Estimating its value proves to be a challenging task. There has been a scarcity of significant Bruegel pieces on the open market in recent times, with “The Wine of St. Martin’s Day” being privately acquired by the Prado Museum, unable to leave Spain1. As the sole masterpiece by Bruegel in private ownership (considering the questionable attribution of “Landscape with Christ and the Apostles at the Sea of Tiberias” and the diminutive size of “The Drunkard Pushed into the Pigsty”), determining a sale price becomes subjective. To offer a reference point, Christie’s valued “The Wedding Dance” from the Detroit Institute of Arts at between $100 million and $200 million in 20132.

Note: open market valuation. However, Czech export restrictions prevent the painting from being sold to a foreign buyer.

Oil on canvas, measuring 78 x 114 cm. Held in a private collection in Europe.

“Bal al le Moulin de la Galette” captures the vibrancy of one of the many lively gatherings at the Moulin de la Galette, a popular entertainment venue in Montmartre frequented by bohemians and artists like Toulouse-Lautrec, Van Gogh, and Renoir himself. The artist created two versions of this masterpiece: the featured painting and a larger rendition showcased at the Musée d’Orsay in Paris.

In 1990, it was acquired by Ryoei Saito at Sotheby’s for $78.1 million, ranking as the second most expensive painting at that time, surpassed only by Van Gogh’s “Doctor Gachet,” also acquired by the same collector. The painting was later resold at a reduced price in a private transaction in 1998. While the decline in value raises questions about future sales, it’s essential to note that “pure” Impressionist works haven’t experienced the same surge in popularity as modern or contemporary pieces. However, exceptional masterpieces, such as this Renoir, always attract interest at the highest level. Recent auction results, like Monet surpassing $100 million and Manet’s “Le Printemps” selling for $65 million, indicate a robust market. This painting, often considered Renoir’s only masterpiece in private hands, stands as an iconic representation of Impressionism. Drawing parallels with Seurat’s “Les Poseuses, Ensemble,” which sold for almost $150 million in 2022, both paintings represent smaller versions of absolute masterpieces, with this Renoir being more widely recognized and larger in scale than the Seurat work.

Oil on canvas, measuring 162 x 132 cm. Held in a private collection. Images © Estate of Pablo Picasso/ ARS.

“Nude, Green Leaves and Bust” stands as one of Picasso’s most renowned portraits of Marie-Thérèse Walter, crafted during his “miraculous year” in 1932. This painting can be viewed as a “double portrait” of Marie-Thérèse, featuring her as a sensually reclining figure and, at the top, in a bust rendered in white tones that emulate plaster’s texture.

The painting achieved a groundbreaking sale of $106.5 million at Christie’s New York in May 2010, marking the highest auction price for a painting at that time (without adjusting for inflation). Considering the substantial increase in the valuation of Picasso’s 1932 works, exemplified by “Le Rêve” selling for $155 million in 2013 (see separate entry, a work of comparable or greater significance to this painting), and notably, a less significant piece, “Woman Seated near a Window (Marie-Therese),” auctioning for $103 million in 2021 after a $45 million sale in 2013, it’s evident that the current value of “Nude, Green Leaves and Bust” surpasses $150 million.

Oil on canvas, measuring 190 x 275 cm. Part of the Ronald Lauder collection.

The seven monumental “Compositions” created by Kandinsky in the years leading up to the First World War stand as pivotal works within the artistic avant-garde of the last century. Boasting an impressive scale and intricate complexity, this piece is crucial for grasping the evolution of abstraction in modern art, positioning itself as one of the inaugural abstract paintings of the 20th century.

Originally sold for $40-50 million in a private sale in 1998, no other Kandinsky of comparable significance has been available on the market in recent times. The substantial surge in value witnessed by modern art over the past two decades implies that if this artwork were to be sold today, its price would undoubtedly multiply. Predicting the extent of this increase is challenging, given the absence of a comparable Kandinsky of such importance in recent market transactions. “Composition V” holds a pivotal status in modern art, surpassing the significance of any Pollock or Rothko, and could serve as the centerpiece for any noteworthy modern art collection globally, be it public or private.

Pastel on board, measuring 79 x 59 cm. Part of the Leon Black Collection.

“The Scream” stands as undeniably one of the most renowned paintings globally, an emblem of modern art that has evolved into an icon of distress and unease. Edvard Munch crafted four versions of this masterpiece (one in oil, one in tempera, and two in pastels), with the most renowned version housed in the National Gallery in Oslo. The featured work is the sole remaining version held in private ownership.

Acquired for $119.9 million in 2012, setting an auction record at the time, the sale price was perceived as surprisingly modest considering the iconic stature of the artwork. In the weeks leading up to the auction, some experts speculated that the piece could command $200 million, while British bookmakers positioned a sale price between $150 million and $200 million as the most probable outcome.

Oil on canvas, measuring 198 x 442.5 cm. Part of the Esther Grether Collection in Switzerland.

This monumental triptych, part of the artist’s trio of “Black Triptychs” and the sole remaining piece in private ownership, serves as a poignant memorial to George Dyer—Francis Bacon’s model and lover—who tragically succumbed to suicide through an overdose of alcohol and barbiturates. The “Black Triptychs” stand as posthumous tributes to Dyer, reflecting Bacon’s profound awareness of mortality.

Originally sold in 1989 for $6.3 million, establishing a record for the artist at that time, Bacon’s market value has soared in the ensuing years. His “Three Studies of Lucian Freud” briefly held the title of the most expensive painting in history when it fetched $142 million in a 2013 auction. “Triptych: May-June 1973” remains emotionally charged and is regarded as the artist’s paramount work in private hands—a masterpiece within the realm of postwar art.

Note: The estimate provided is for each of the paintings.

Two oil on canvas, each measuring 101.6 x 101.6 cm. Title: Shot Blue Marilyn

• Brandt Collection
• Private Collection (formerly Ammann Collection)

Warhol’s iconic portraits of Marilyn Monroe stand among the most renowned artworks ever created. The “Shot Marilyns” consist of four square canvases, each 40 inches on a side, captured by performance artist Dorothy Podber (1932-2008) at the legendary “The Factory” in Manhattan.

About the estimate: “Shot Blue Marilyn” was auctioned in 2022 for $195 million (including commissions)1. This can be compared to the 2018 sale of the orange version for “over $200 million”2, illustrating the market’s inclination toward versions featuring vibrant backgrounds.

Oil on canvas, 200.7 x 175.7 cm. Image: © Succession Willem de Kooning / Artists Rights Society (ARS), NY Ken Griffin Collection

Following his “Women” series from 1950-1953, Willem de Kooning returned to pure abstraction, revisiting the experimentation of the late 1940s and creating notable compositions like “Gotham News” (Albright-Knox Art Gallery), “Police Gazette” (private collection), and the featured artwork.

About the estimate: Initially sold for $20.6 million in 19891 (then an auction record for a contemporary painting), it later set a record when acquired by billionaire collector Ken Griffin for $300 million2 in 2016. While determining the value of art carries subjective elements, the high price paid is challenging to justify. In terms of historical significance, De Kooning’s post-“Women” works do not mark a pivotal shift in art history. Despite being possibly his most significant abstract piece in private hands, other notable examples, like “Police Gazette” purchased by Mr. Cohen for $63 million in 20063, or “The Time of the Fire” (refer to a separate entry for this work), add to the exclusivity of De Kooning’s abstract creations.

Oil on canvas, 82 x 57 cm (Bridgewater Madonna) Oil on canvas, Diameter: 101 cm (The Holy Family with a Palm Tree) Duke of Sutherland Collection (on loan to the National Gallery of Scotland)

Raphael’s most exquisite Madonnas, exemplified by the “Bridgewater Madonna,” stand as iconic representations of the Italian Renaissance. The straightforward yet powerful composition and the graceful countenance of the Virgin are truly captivating. In “The Holy Family with a Palm Tree,” the figures and landscape exhibit the influence of Leonardo da Vinci.

About the estimation: Both paintings are grouped together, as the subsequent considerations apply to each. “Madonna of the Pinks,” another smaller Madonna by the same artist (with a consensus on attribution), was acquired by the UK for 35 million pounds in 20041. No significant painting unanimously attributed to Raphael has surfaced in the market for at least five decades, suggesting an exceptionally high market value for any such work (with unquestioned attributions2). For comparison, a drawing by the artist titled “Muse’s Head” was auctioned for $47.9 million3 in December 2009.