The 200 Most Valuable Paintings in private hands

Oil on canvas, 200 x 370 cm
image: © Artists Rights Society (ARS), NY
Private collection

The great pop art icon, Andy Warhol, used to make several versions of his works, and with his "Elvis" paintings he did not make an exception, creating 22 canvases with the image of "Double Elvis". However, he only created one canvas with eight Elvises, which makes this painting a unique piece of great importance.

About the estimation: Sold privately for $100 million in 2008¹ (previously at the Annibale Berlingieri collection) As the largest canvas in Warhol's "Elvises" series, it is a work of extraordinary value. A more 'common' "Triple Elvis" was auctioned for nearly $82 million in 2014².

1. For example, read "The $100m Warhol", published by Andrew Johnson at The Independent, November 29th 2009
2. For example, read "Warhol’s paintings of Elvis, Brando help Christie’s set a new auction record", published by Laura Lorenzetti at Fortune, November 13, 2014.

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

Two oil on canvas, each 101.6 x 101.6 cm.
Shot Blue Marilyn · Brandt collection
Shot Blue Marilyn · private collection (formerly Ammann collection)

Warhol's portraits of Marilyn Monroe rank among the most iconic artworks ever created. The "Shot Marilyns" are four square canvases 40 inches a side that were shot by performance artist Dorothy Podber (1932-2008) at the mythical "The Factory" in Manhattan.

About the estimate: "Shot Blue Marilyn" was auctioned in 2022 for $195 million¹ (including commissions). Compare to the 2018 sale of the orange version for "over $200 million"², demonstrating the market's preference for the versions with vibrant backgrounds.

Oil on canvas, 121.9 x 121.9 cm.
Image: © Succession Roy Lichtenstein / ARS New York
Private collection (formerly Stefan Edlis Collection)

Blonde, blue-eyed and with a melancholic gaze, the woman depicted in this painting is the quintessence of the work of Roy Lichtenstein.

About the estimate: Sold in 1980 for $210,000¹, then a record for Lichtenstein. A work comparable in importance, but perhaps somewhat less iconic, "Masterpiece", was sold by Agnes Gund to Steve Cohen for a reported $165 million in 2017²  (see separate entry). Another painting from the series of female portraits painted in 1964 by Lichtenstein in 48 x 48-inch format, "Nurse," was auctioned in 2015 for $95.4 million³. However, "Oh, Jeff..." is a more iconic and representative painting.

1. "The changing world of Roy Lichtenstein" - New York Times, August 10, 1982
2. "Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund" - New York Times, June 11th 2017
3. Christie's New York, November 9, 2015

Oil on canvas, 88,9 x 289,5 cm.
Private collection

"White cockatoo" belongs to a group of markedly horizontal format "drips" created by Jackson Pollock in 1948 -at the height of his career- of which "Summertime" from the Tate Modern is the most famous example. As Michael Fried wrote in Artforum in 1965, "'White cockatoo' is not a successful painting. But it is an important one".

About the estimation: "White cockatoo: Number 24A, 1948" is one of the few major paintings by Pollock in private hands, and perhaps the only one for which there are no references to relatively recent sales. Nevertheless, its value is indisputably remarkable, considering that it is the only monumental drip from Pollock's "golden period" held in a private collection, not counting the famous "Number 5" (see separate entry). Another drip from 1948, "Number 17A, 1948", sold for a whopping $200 million in 2015¹.

1. " Billionaire Ken Griffin Paid $500 Million for Pollock, De Kooning Paintings" - The Wall Street Journal, February 25, 2016

Oil on canvas, 178 x 125 cm.
Collection Banca Popolare di Vicenza

A work from Caravaggio's "Roman period", in which the artist already shows his characteristic use of chiaroscuro. Another painting of the same subject, also painted by Caravaggio, is preserved in the Kunsthistorisches Museum in Vienna.

About the estimate: as discussed in other posts, Caravaggio's works almost never appear on the market. Prices of up to $100 million¹ have been suggested for some of his "minor" works. In 2019, a work with a very dubious attribution was offered at auction with an estimated price of about €170 million², and sold before the auction for an unspecified figure, although almost certainly much lower than its estimate³. Some doubts about its authorship -considered as "questionable" by Gash (2001) and Puglisi (1998) ⁴ moderate somewhat the valuation that could otherwise be placed at over $200 million.

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

1. For example, see "Stolen '$100 million' Caravaggio recovered by police", published at The Telegraph, 28 June 2010.
2. Several sources, for example see "Mysterious Caravaggio painting valued at $170m snapped up before auction", published by The Guardian, June 25, 2019.
3. "...for a price closer to the reserve of €30 million", according to The New York Times, "Possible Caravaggio Is Withdrawn From Auction", April 8, 2021
4. John T. Spike, "Caravaggio: second revised edition", 2001.

Oil on canvas, 125 x 178 cm.
Gruppo Intesa Sanpaolo Collection.

This is one of the last works (maybe the last work) by Caravaggio, painted in Naples around 1610. As in "The Denial of St. Peter" in the Metropolitan Museum, a change in Caravaggio's style from that of his Roman period is clearly apparent.

About the estimate: as discussed in other posts, Caravaggio's works almost never appear on the market. Prices of up to $100 million¹ have been suggested for some of his "minor" works. In 2019, a work with a very dubious attribution was offered at auction with an estimated price of about €170 million², and sold before the auction for an unspecified figure, although almost certainly much lower than its estimate³. In this case, it is a work of relevance within the artist's career, although not at the same level as "The Conversion of St. Paul" from the Odescalchi Balbi collection (see separate entry).

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

1. For example, see "Stolen '$100 million' Caravaggio recovered by police", published at The Telegraph, 28 June 2010.
2. Several sources, for example see "Mysterious Caravaggio painting valued at $170m snapped up before auction", published by The Guardian, June 25, 2019.
3. "...for a price closer to the reserve of €30 million", according to The New York Times, "Possible Caravaggio Is Withdrawn From Auction", April 8, 2021

Oil on canvas, 162 x 132 cm.
Private collection
images © Estate of Pablo Picasso/ ARS

"Nude, Green Leaves and Bust" is one of the best known portraits of Marie-Thérèse Walter painted by Picasso in his "miraculous year" of 1932. In fact, the painting can be considered a "double portrait" of Marie-Thérèse, who, in addition to as a sensual sleeping figure, is depicted in the bust at the top, painted in white tones that mimic the texture of plaster.

About the estimation: "Nude, Green Leaves and Bust" was sold for $106.5 million at Christie's New York, May 2010¹, at the time the highest price ever paid at auction for a painting (not accounting for inflation). If we take into account the huge increase in the valuation of works that Picasso painted in 1932, which have resulted in "Le Rêve" (see separate entry, a work of comparable or greater importance to this painting) selling for $155 million in 2013, and -more notably- a much less important "Woman Seated near a Window (Marie-Therese)" auctioning for $103 million in 2021² after having been sold for $45 million in 2013³, we must conclude that the value of this work currently stands at well over $150 million.

1. "Picasso's 'Nude, Green Leaves and Bust' sold for $106.5 million"
2. Christie's New York, May 13, 2021
3. Sotheby's London, February 6, 2013

Oil on canvas, 162 x 130 cm.
Private collection
image © Estate of Pablo Picasso/ ARS

Another of the sensual portraits of Marie-Thérèse Walter painted by Picasso in his "annus mirabilis" of 1932, and one of the stars of the 2018 exhibition "Picasso 1932: Love, Fame, Tragedy" at the Tate.

About the estimation:  auctioned for $26.4 million in 1989, and for about $20 million six years later¹, with the market still in crisis. As an example of the increase in value of 'Picassos' painted in 1932, consider the case of "Le Rêve" (see separate entry), auctioned for $48.4 million in 1997, and sold for $155 million in 2013, or the case of a much less important "Woman Seated near a Window (Marie-Therese)", auctioned for $103 million in 2021² after having sold for $45 million in 2013³

1. "Auction Tops $100 Million for First Time Since 199" - New York Times, November 9, 1995
2. Christie's New York, May 13, 2021
3. Sotheby's London , February 6, 2013

Oil and acrylic on canvas, 111.8 x 111.8 cm.
Image: © Succession Roy Lichtenstein / ARS New York
Peter and Irene Ludwig Foundation, on loan to Kunstmuseum Basel

A classic work by Roy Lichtenstein, in which he "reinterprets" an image taken from a comic book, in this case an illustration by Tony Abruzzo for "Secret Hearts".

About the estimate: as seen in previous posts, Lichtenstein's works have seen a significant increase in price over the past two decades, both at auction ($95.4 million for "Nurse" in 2015)¹ and in private sale ($165 million for "Masterpiece" in 2017)². "Hopeless" is a major painting in the artist's oeuvre, comparable in style to the famous "Drowning Girl" in the Museum of Modern Art.

1. Christie's New York, November 9, 2015
2. "Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund" - New York Times, June 11th 2017

Oil on canvas, 162 x 130 cm.
Nahmad collection
image © Estate of Pablo Picasso/ ARS

One of the many portraits of Marie-Thérèse Walter painted by Pablo Picasso in his "magic year" of 1932. The composition and pose of the sitter inevitably recall "Le Rêve", one of his most famous works painted that same year, although Marie-Thérèse's face -like the overall tone of the painting- is more sombre than in that one.

About the estimate: acquired by the Nahmads in 1990 for about $5.5 million¹ (presale estimate: $7 million to $10 million ). As noted for the various works by Picasso painted in 1932 and included in this list, there are numerous references to the fact that they are highly sought-after works. For example, the aforementioned "Le Rêve" was sold for 155 million in 2013², although the importance of that work is far greater than that of the present painting. "Woman Seated near a Window (Marie-Therese)", a smaller-scale work than the present one, was auctioned for $103 million in 2021³ after having sold for $45 million in 2013⁴ and for just $6.8 million in 1997⁵.

Oil on canvas, 106 × 179.5 cm
Private collection, Germany

Caravaggio painted several paintings dedicated to the figure of Saint John the Baptist (such as those now in the Capitoline Museums and the Cathedral Museum in Toledo), two of which were still in the painter's possession at the time of his death. The present work, unknown to critics until the end of the last century, has been proposed as one of them.

About the estimate: the key factor is, of course, the support for the attribution to the master. In his catalogue raisonné of the painter, John T. Spike¹ lists a number of experts who support the attribution to the painter, although it is not yet unanimous. As a reference, in 2019 a work with a very dubious attribution was offered at auction with an estimated price of about €170 million², and sold before the auction for an unspecified figure, although almost certainly much lower than its estimate³.

1. John T. Spike, "Caravaggio: second revised edition", 2001.
2. Several sources, for example see "Mysterious Caravaggio painting valued at $170m snapped up before auction", published by The Guardian, June 25, 2019.
3. "...for a price closer to the reserve of €30 million", according to The New York Times, "Possible Caravaggio Is Withdrawn From Auction", April 8, 2021

Oil on canvas, 101.6 x 101.6 cm.
Steven Cohen Collection 

Warhol's portraits of Marilyn Monroe rank among the most iconic works of art ever created. "Turquoise Marilyn" belongs to a series of five portraits of Marilyn painted by Warhol in the 40 x 40 inch format. Four of them were shot by performance artist Dorothy Podber (1932-2008) at the legendary "The Factory" in Manhattan and are known today as the "Shot Marilyns". This "Turquoise Marilyn" is the only painting in the series that was not shot.

About the estimate: sold in 2007 for a price rumored to be in the region of $80 million¹. In 2022, "Shot Blue Marilyn" was auctioned for $195 million² (including commissions). In a market hungry for icons, the fact that it is the only painting in the series that did not receive the shot (therefore not being part of the famous "Shot Marilyns" group) may cause its valuation to be lower than that of the other four paintings.

Oil on canvas, 172.7 x 203.2 cm.
Private Collection
© Succession Roy Lichtenstein / ARS New York

Between 1962 and 1964, Roy Lichtenstein created his famous "War paintings" among which "Whaam!", now owned by the Tate Modern, is his most famous example, and arguably the artist's best known work. "Tex!", also inspired by the comic strip “All-American Men of War No. 89”, presents a similar composition, albeit on a smaller scale, to the Tate Modern masterpiece.

About the estimate: sold in 1996 for $3.6 million¹, then a very considerable price for a work by the artist. For reference, "Blang!", another "war painting" now on display at The Broad, sold the following year for $2.8 million². Consider also that "Nurse", auctioned in 2015 for $95 million³, had been sold in 1995 for $1.9 million⁴; or that "The ring", sold in 2015 for $41.7 million⁵, was auctioned in 1997 for $2.2 million⁶.

Note: the estimated price is for each of the paintings.

Oil and magma on canvas, all 121.9 × 121.9 cm except "Sound of Music" (121.9 × 142.2 cm)
Private collections
© Succession Roy Lichtenstein / ARS New York

Between 1964 and 1965, Roy Lichtenstein created a series of paintings in which the figure of a young, stereotypically blonde, blue-eyed girl is at its most prominent. Whereas in earlier works such as "Masterpiece" or "In the Car", these women appeared accompanied, or as part of a more complex composition, in these works they are the sole and absolute protagonists, with their faces occupying almost the entire canvas. Among them is a group of works executed by Lichtenstein in the 48 x 48-inch format. Analysis of these paintings has led to sometimes contradictory conclusions, for while these women have often been described as "heroines" (for example Christie's in its catalogue for "Nurse"), Diane Waldman sees them as women-objects, as opposed to the "macho American heroes" represented in Lichtenstein's "war paintings", opening the door to the idea that the artist was, in a certain sense, making a social denunciation of the sexism that existed in post-war America. Perhaps it is better to accept that Lichtenstein, a skilful publicist, simply knew how to take advantage of the new "Pop" iconography that emerged after the end of the Second World War like nobody else (or at least like nobody else not called Andy Warhol), with no other aim than to forge a profitable career as an artist. In the world of Pop Art, the most superficial analyses can sometimes prove to be the most accurate.

About the estimate: "Nurse" was auctioned for $95.4 million in 2015¹, then a record for a work by Lichtenstein. As further evidence of the value of these works, note that other smaller paintings of women (36 x 36 inch format) have broken several listing records for the artist, including "Happy Tears" ($7.1 million in 2002)², "Ohhh...Alright..." ($42.6 million in 2010)³ and "Sleeping girl" ($44.8 million in 2012)⁴.

Oil on cypress wood, 237 x 189 cm.
Odescalchi Balbi Collection, Rome

This work is one of two paintings by Caravaggio of the same subject, commissioned by Cardinal Cerasi.
The large painting was created in 1600, the same year in which Caravaggio completed one of his undisputed masterpieces, "The Calling of Saint Matthew".
Impressive in size and quality, this work ranks among the most important paintings by Caravaggio.

About the estimate: Works by Caravaggio rarely appear on the market. Prices as high as $100 million¹ have been suggested for less important works by the artist. In 2019, a " Judith and Holofernes" with a very dubious attribution was offered at auction with an estimated price of about 170 million euros², and sold before the auction for an undisclosed sum. Unlike the previous ones, this is a supreme masterpiece, the last of Caravaggio's monumental works in private hands.

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

Oil on canvas, 112 x 102 cm.
Six Foundation, Amsterdam

"The psychological truth of Rembrandt’s paintings goes beyond that of any other artist who has ever lived."- Kenneth Clark

The Portrait of Jan Six is not only Rembrandt's most important work in private hands, but also one of the finest portraits -if not the finest- of the Dutch Golden Age. In the 1650s Rembrandt modified his style, renouncing the meticulousness that prevailed in Dutch painting at the time, and -opting for free and loose brushstrokes- produced some of his finest works, such as "Aristotle with the Bust of Homer" (1653), "Bathsheba in her Bath" (1654), and, of course, "Portrait of Jan Six", an intense, magnetic portrait, fully modern in its conception and execution, audacious, and masterful.

The sensual portraits of Marie-Therese Walter that Picasso painted in the early 1930s (especially in 1932, one of his "magic years") are among the artist's best known works. In this painting, the painter's lover and muse appears seated in a red armchair with her eyes closed. The subdued tones of the young woman's body contrast with the bright colors of the sofa and the wall in the background, while, on the top of her head, Picasso has depicted an explicitly erotic element, which has been interpreted by much of contemporary criticism as a clearly sexist element.

About the estimate: The sales history of this painting is certainly interesting. It was sold for $48.4 million in New York at the legendary 1997 Ganz auction¹. Almost sold privately for $139 million in 2006, but its then owner (Steve Wynn) damaged it before the sale². Finally sold in 2013 to mega-collector Steve Cohen for $155 million.³ Will its value continue to increase? It may be a totally subjective opinion, but it seems that, since its spectacular sale in 1997, "The Dream" has become the most famous of all Marie-Therese's portraits, surpassing even the "Girl before a Mirror" from the MoMA; and being the star piece of the Tate's major exhibition, "Picasso 1932 - Love, Fame, Tragedy", in 2018. With this new "icon" status, its value can only increase. It should also be noted that in the previously mentioned 1997 Ganz auction, "The Women of Algiers" was auctioned for $31.9 million, and the same work was auctioned for $179.4 million in 2015⁴, which gives an idea of the revaluation experienced by Picasso's great works in the last 2-3 decades. As a more recent a direct comparison, Woman Seated near a Window (Marie-Therese)", another Picasso from 1932, was auctioned for $103 million in 2021⁵ after having sold for $45 million in 2013⁶

1. "Prized Picasso Leads the Ganz Collection to a Record Auction" - The New York Times, November 11, 1997.
2. "Picasso's The Dream damaged by its owner" -
3. "Steven Cohen buys Picasso's 'Le Rêve' for $155 million"
4. "Picasso and Giacometti smash records at Christie's historic auction"
5. Christie's New York, May 13, 2021
6. Sotheby's London , February 6, 2013

One of Pollock's most famous drips, from his peak period (1947-1950). Before its sale in 2006, the work had belonged to two of the world's most famous contemporary art collectors: Samuel Irving Newhouse and David Geffen.

About the estimate: Sold for $140 million at a private sale, 2006¹, then the highest price ever paid for a painting. The buyer was rumoured to be Mexican businessman David Martínez, though he later denied it². Following the donation of "Lucifer" to Stanford, "Number 5, 1948" is Pollock's only undisputed masterpiece in private hands, guaranteeing that it will always be an extremely sought-after painting. As a reference to the increase in value of Pollock's works since the last sale of this painting, consider for example "Number 16, 1949", sold for $32.6 million in 2013³ after failing to reach a minimum price of $17.5 million in 2007⁴. On the other hand, consider the $200 million paid by Ken Griffin for "Number 17A", a much less important work than this one (see separate entry).

Oil on canvas, 76.2 x 101.6 cm
Private Collection
© Succession Roy Lichtenstein / ARS New York

"In the car" is one of Roy Lichtenstein's most celebrated paintings, of which the artist created two versions. The larger of the two -and one of the stars of the artist's legendary exhibition at Leo Castelli's gallery in 1963- is one of the great gems of the Scottish National Gallery of Modern Art, while this version remains in private hands. As historian Robert Rosenblum notes, "In the Car" "pairs male and female perfection, distilled from the comic book source to an ideal clarity".

About the estimate: sold in 2005 for $16.2 million¹, more than double the previous record price for the artist. As with Renoir's "Ball at the Moulin de la Galette" or Jasper Johns's "White Flag" (see separate entries), the fact that it is the smaller version of a larger painting should not be too detrimental in the event of a possible sale, as the "main" version is in a museum and therefore off the market.

Oil on panel, 117 x 161 cm.
Lobkowicz Family Collection, Prague

"Haymaking" belongs to a series of six paintings depicting the seasons, including "Hunters in the Snow," "The Gloomy Day," and "Return of the Herd" (all in the Kunsthistorisches Museum, Vienna), as well as "The Harvesters" in the Metropolitan Museum, plus a sixth work thought to be lost. The work illustrated here would represent the months of June and July, the beginning of summer, the time of the harvest.

About the estimate: it is practically impossible to propose a fairly objective sale price for this painting. No other great Bruegel has appeared on the open market in recent times, since "The Wine of St. Martin's Day" was acquired privately by the Prado Museum, but the painting could not leave Spain¹. This painting is a masterpiece of Western art, and the only one of Bruegel's great paintings in private hands ("Landscape with Christ and the Apostles at the Sea of Tiberias" is of doubtful attribution, and "The Drunkard Pushed into the Pigsty" is a work of very small size). For reference, "The Wedding Dance" from the Detroit Institute of Arts was valued by Christie's for between $100 million and $200 million in 2013².

Note: open market valuation. However, due to Czech export restrictions the painting could not be sold to a foreign buyer.

Oil on canvas, 124 x 90 cm.
Private collection, Florence

One of the few portraits by Caravaggio, depicting a member of the powerful Florentine Barberini family. Caravaggio was only 27 years old when he painted this work, but he already shows a dramatic mastery of chiaroscuro.

About the estimate: As it was mentioned for "The Conversion of Saint Paul", works by Caravaggio rarely appear on the market. Prices as high as $100 million¹ have been suggested for less important works by the artist. In 2019, a " Judith and Holofernes" with a very dubious attribution was offered at auction with an estimated price of about 170 million euros², and sold before the auction for an undisclosed sum, although almost certainly much lower than its estimate³.

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

1. For example, see "Stolen '$100 million' Caravaggio recovered by police", published at The Telegraph, 28 June 2010.
2. Several sources, for example see "Mysterious Caravaggio painting valued at $170m snapped up before auction", published by The Guardian, June 25, 2019.
3. "...for a price closer to the reserve of €30 million", according to The New York Times, "Possible Caravaggio Is Withdrawn From Auction", April 8, 2021

Oil on canvas, 71 x 90.5 cm.
Private collection

A strong masterpiece by the artist, painted in Saint-Rémy in December, 1889. This work was included by the artist in his Display at "Les XX 1890" in Brussels.

About the estimate: Sold for a then very remarkable $9.9 million in 1985¹ (highest price for any artwork that year). For reference, another Arles landscape by Van Gogh, "L'Allée des Alyscamps", was auctioned in the same year for $2.4 million², and sold in 2015 for $66.3 million³. On the other hand, another landscape in a similar style (though much less expressive and important) by the artist ("Laboureur dans un champ"), also painted in 1889, was auctioned for $81.3 million in 2017⁴.

Oil on panel, 146.5 x 102 cm.
Reinhold Würth collection, Germany

This monumental painted is arguably the most important religious scene ever created by Holbein. The work was commissioned by the Bürgermeister of Basel Jakob Meyer zum Hasen, who opposed the Reformation

About the estimate: Sold for more than $70 million at a private sale in Germany in 2011. Some sources said that its value on the open market could be "in excess of €100 million"¹. As a historical curiosity, it seems that this has always been a highly sought-after work. In 1606, it was sold for the considerable price of 100 gold crowns².

Note: open market valuation. However, due to German export restrictions the painting can not be sold to a foreign buyer.

1. "I could probably have sold it for more than 100 million euros if it wasn’t barred from export" - Bloomberg, July 14th, 2011
2. Udo Kultermann, "History of Art History", 1994.

Lichtenstein's "war paintings" rank among his most recognizable creations. These two works were painted in the same year than the "Whaam!" diptych (London, Tate Modern), arguably his most important work

About the estimate: "Torpedo… Los!" was sold for $5.5 million in 1989¹. Sold privately for $14 million in 1998² (in both ocassions a record for the artist). There are no known public sales records for "Okay Hot-Shot, Okay!", a painting comparable in style, date and format to "Torpedo... Los!"

Oil on canvas, 162 x 130cm.
Private collection
image © Estate of Pablo Picasso/ ARS

Another of the best known portraits of Marie-Thérèse Walter painted by Picasso in his "miracle year" of 1932. The composition is similar to that of "Nude, green leaves and bust" (see separate entry), although simpler, and not including the plaster bust over the figure of Marie-Thérèse Walter.

About the estimation:  auctioned for $45 million in 1999¹. The similar (albeit more sophisticated) "Nude, Green Leaves and Bust" was auctioned for $106.5 million in 2010 (see separate entry). As an example of the increase in value of 'Picassos' painted in 1932, consider the case of "Le Rêve" (see separate entry), auctioned for $48.4 million in 1997, and sold for $155 million in 2013, or the case of a much less important "Woman Seated near a Window (Marie-Therese)", auctioned for $103 million in 2021² after having sold for $45 million in 2013³

1. As a curiosity, a video of this auction can be seen on youtube.
2. Christie's New York, May 13, 2021
3. Sotheby's London , February 6, 2013

Oil on canvas, 111 x 162.5 cm.
Private collection

Naïve, primitivist, wild… Many adjectives have been used to describe an unclassifiable artist, perhaps the most personal and uninhibited of all the artists who emerged immediately after the decline of Impressionism. Rousseau's large "jungle scenes", like this example, rank among the most famous and admired examples of postimpressionism.

About the estimate: The painting belonged to the collection of the Metropolitan Museum and was sold -rather controversially- in the early 1970s, together with Van Gogh's "Olive Grove", now owned by the Goulandris. Shortly afterwards, both paintings were sold, the valuation - according to various sources - being $1.5 million for the Van Gogh and $2 million for the Rousseau¹. This valuation, which places the Rousseau above the Van Gogh (a painting whose current value is indisputably over $100 million) is in line with what Richard Feigen published in 2000, revealing that Mitsui & Company (owner of the Rousseau) had rejected an offer of $75 million for the painting around 1990² (which would have placed the Rousseau as the third most expensive painting ever sold). Painted in the last year of Rousseau's life (like "The Dream", his supreme work), this is perhaps the artist's only undisputed masterpiece in private hands, which -as the sale of Seurat's "Les Poseuses" for $149 million in 2022 demonstrated- makes it an extremely desirable painting.

Oil on canvas, 116 x 89 cm
Private collection

Perhaps the most famous of all Magritte's works, this self-portrait of the artist, half-hidden behind a floating apple, raises questions about appearance and identity.

About the estimate: sold for $5.4 million in 1998¹. Since then, the painting has gained exponentially in fame, to the point that today it is arguably the most famous of Magritte's works, making its value undeniably very high (if this work were to come to auction, collectors would have the opportunity to acquire not only the artist's most famous work in private hands, but the artist's most famous work in any collection, something unheard of for an artist of Magritte's calibre). As a reference, one of the works from Magritte's "L'Empire des Lumières" series -of which several copies remain in private hands- was auctioned for £59.4 million (71.4 million euros) in 2022².

Oil on canvas, 39.3 x 50 cm.
Private collection, Asia

"Les Poseuses, Ensemble", the smaller (much smaller) version of Georges Seurat's famous work at the Barnes Foundation in Philadelphia.

About the estimate: sold in November 2022 to an Asian buyer for $149.2 million at the already historic auction of the Paul Allen Collection¹ (achieving the highest price of the auction and -of course- an auction record for Seurat).

Oil on canvas, 130 x 92 cm.
Private collection. Formerly collection of Emily Fisher Landau
image © Estate of Pablo Picasso/ ARS

One of the many portraits of Marie-Thérèse Walter painted by Pablo Picasso in his "magic year" of 1932. The composition and pose of the sitter inevitably recall "Le Rêve", one of his most famous works painted that same year.

About the estimate: auctioned for $139 million ($121 million plus buyer's premium) in 2023¹, then the second highest price ever paid for a Picasso at auction (excluding inflation), although the absolute record for a "Marie-Thérèse" still belongs (justly) to "Le Rêve", auctioned for $155 million in 2013².

Oil on canvas, 97 × 130 cm.
Private collection, Qatar

The series of "The Card Players" is considered Cézanne's great masterpiece, along with his "Bathers" and his views of the Mount Sainte-Victoire. In the seemingly simple composition, Cézanne enhances the volumes while diluting the perspective, thus producing a "proto-Cubist" effect. This is the last version of this great series that remains in a private collection.

About the estimate: Unlike Picasso or Van Gogh, Cézanne is an artist whose great works appear very rarely on the art market. "Card players" is widely considered the most important Cézanne in private hands. Reportedly sold to Qatar for $250 million in 2011¹. In addition to the Qatari offer, several dealers offered sums of more than $200 million², which were rejected, giving an idea of the value of the painting.

1. Several sources, including Forbes, The New York Post and Daily Mail.
2. "Is The Embiricos Cézanne Worth $250m?" - Art Market Monitor, February 3rd, 2012

Oil on canvas, 68 x 57 cm.
Private collection (whereabouts unknown)

The "Portrait of Doctor Gachet" (of which there are two versions, this one being the best and most famous of the two) is perhaps the best portrait ever painted by Van Gogh. In the opinion of Guillermo Solana, director of the Thyssen Museum, it is "one of the 12 most important portraits in Western art". The story about this famous and brilliant work resumes by itself the "Japanese buyer boom" of the late 80s and early 90s. The whereabouts of the painting are now unknown. Some sources places it in Europe, waiting for its return to the Art market

About the estimate: Sold for $82.5 million in 1990 (then an auction record for any work of art) Re-sold in the late 90s for an unknown price (some sources said $90 million in 1997) to an anonymous private collector. Possibly re-sold for $100 million¹ some years later.
An iconic painting by a superstar painter, this work has it all. It could be the centerpiece of a serious modern art museum, and only few doubts about its provenance² during the WWII era prevent it from taking first place in this list.

1. "Dr. Gachet Sighting: It WAS Flöttl!" - published by CultureGrrl at ArtsJournal, January 26th 2007
2. For example, see "Dr. Gachet: From confiscation to exile" - published by Angelina Giovani at plundered-art.blogspot.com, August 24th 2015.

Oil on wood, 65.6 x 45.4 cm.
Private collection.

Leonardo da Vinci is known to have painted a "Salvator Mundi" for King Louis XII of France. Considered lost by art experts for decades, one of its alleged "copies" was acquired by a group of art dealers in 2005, and reattributed (NOT unanimously) to Leonardo. In late 2011, this work was included in the exhibition "Leonardo da Vinci: Painter at the Court of Milan" at the National Gallery of London.

In November 2017, "Salvator Mundi" sold for $450.3 million (including buyer’s premium) at Christie's New York, becoming the most expensive painting ever sold at auction. This stunning price reflects the extreme rarity of paintings by Leonardo da Vinci — there are fewer than 20 in existence acknowledged as being from the artist’s own hand, and all the undisputed ones are in museum collections.

About the estimate: How much are collectors willing to pay for a painting whose attribution is still questionable? The answer, apparently, is $450M (Christie's, November 2017)¹. The price was a huge shock for the art world, and not only because the work had been on the market not long before, and carrying a much more "reasonable" price tag (its owners, according to several sources, asked for $200 million² and -not finding a buyer- sold it for "over $75 million" to Yves Bouvier in 2012, who sold it to Dmitry Rybolovlev for $127.5 million ³) but also because many respectable experts ^{4 5} are still very unconvinced, to say the least, about its attribution. Between 2019 and 2021, several sources offered contradictory news about the verdict that the Louvre Museum would have issued on the painting, either supporting the attribution⁶ or rejecting it⁷. In a cautious move -which seems the most reasonable position at the moment- the Museo del Prado (which seems a fairly neutral source in this struggle of interests) included the "Salvator Mundi" in the category of "works attributed to or supervised by Da Vinci"⁸ on the occasion of the exhibition "Leonardo and the copy of Mona Lisa" in 2021-2022.

Time (and more technical studies) will tell if this artwork is really an undisputed painting by the most famous artist ever, or if, on the contrary, it becomes the "Theranos" of the art world by turning out to be the creation of a follower.

Oil on canvas, 116 x 89 cm
Private collection

Another important Picasso from 1907, the pivotal year in which Picasso finished "Les Demoiselles d'Avignon", the painting that changed the art of the 20th century. 

About the estimate: A very important painting with a very good provenance, having been in the collection of Viscount and Viscountess Charles and Marie-Laure de Noailles for more than 50 years¹, it is not, however, as desirable as the Picasso from the Goulandris Collection. As for the work in the Goulandris collection, the example of the small watercolor "Nu Jaune" sold for $13.7 million² - against a pre-sale estimate of only $3-4 million - is indicative of the enormous value of works from this "Picassian" period.

1. "Nu a la serviette, 1907, itinéraire d'un tableau" - published by www.picasso.fr
2. "Impressionist & Modern Art auction at Sotheby's, November 2, 2005" - published by thecityreview.com, November 2005.

Oil on canvas, 150 x 100 cm.
Goulandris Foundation, Athens.

Hidden for decades in the private collection of Basil Goulandris, this is an extremely important Picasso, directly related to his masterpiece "Les Demoiselles d'Avignon", considered the most important painting of the 20th century.

About the estimate: This important painting has been estimated by some sources to be worth $250 million¹. Is that a reasonable guess? It is certainly not unreasonable, considering the importance of the 1906-07 Picasso for the history of art. It is true that all the Picassos sold for over $150 million (see separate entries) are later, more colorful works, but let's keep in mind that no Picasso like this one has come on the market in recent times, and that this painting is, to put it simply, the closest thing to "Les Demoiselles d'Avignon" in private hands. As evidence of how the market might respond, bear in mind that in 2005 Sotheby's auctioned "Nu Jaune", a small watercolor from 1907, preparatory to "Les Demoiselles d'Avignon", and it sold for $13.7 million² against a previous estimate of only $3-4 million.

1. "The $3 Billion Family Art Feud" - published by the Wall Street Journal, June 30th, 2016.
2. "Impressionist & Modern Art auction at Sotheby's, November 2, 2005" - published by thecityreview.com, November 2005.

Note: the estimated price is for each of the works.

"Madonna of the Yarnwinder" (Buccleuch Madonna), c-1499-1507
oil on wood, 48.3 x 36.9 cm.
Buccleuch collection (on loan to the National Galleries of Scotland)

"Madonna of the Yarnwinder" (Lansdowne Madonna), c-1499-1507
oil on wood, 50.2 x 34.6 cm.
Private collection, New York

One of the most interesting debates about the authenticity of a work by Leonardo is the one involving the two versions of the original -allegedly lost- of the "Madonna dei fusi", also known as the "Madonna of the reel" or the "Madonna of the yarnwinder". One of them belongs to the Drumlanrig Castle collection in Scotland (stolen in 2003 and recovered in 2007) and another one previously in the Reford collection of Montreal, until it was reportedly sold to an American private collector.

About the estimate: There are similarities, but also a lot of differences, between the considerations regarding these two paintings and the ones around the now-famous "Salvator Mundi". While the attribution to Leonardo is subject to serious debate, these are two well-known paintings (specially the Buccleuch version). Basing on the complex underdrawing of the paintings, most critics agree that Leonardo had some kind of involvement in the creation of both versions^{1 2}. The extent of this involvement, however, is still not clear. If future technical studies confirm a serious attribution to the master, any of this versions could become the first "half-billion dollars painting".

"Nafea faa ipoipo?" is one of the first paintings created by Paul Gauguin in Tahiti, and certainly one of the most famous, appearing on the cover of the Gauguin biography written by Ingo F. Walther. The work belonged to the Rudolf Staechelin Family Trust, and had been on loan to the Kunstmuseum Basel for decades.

About the estimate: according to some sources (never confirmed) "Me and My Parrots" was sold for $130 million in 2021¹. The figure, if confirmed, would certainly be astonishing, as it would be almost four times the auction record for the artist, also achieved in 2021 ($34.9 million for "Diego y yo", a small self-portrait measuring just 30 x 22.4 cm)², but it is not implausible, considering the enormous increase in popularity that the figure of Frida Kahlo has experienced in recent decades, with the consequent increase in the price of her works (as a reference, the aforementioned "Diego y yo" was sold in 1990 for just $1.4 million)³ and the fact that it is perhaps the best self-portrait of the painter in private hands, together with the "Self-Portrait with Monkeys" from the Jacques and Natasha Gelman Collection.

Note: the estimate is for each of the paintings.
Oil on canvas, 65 x 81 cm.
Private collection, USA / Private collection, Qatar

The series of paintings depicting the Sainte-Victoire mountain is considered to be Cézanne's greatest artistic achievement (along with "The Card Players" and "Bathers") and the clearest influence on the Cubism of Picasso and Braque. In addition, in the second work Cézanne depicts the mountain from the Château Noir, another of the places he liked to paint during the last years of his life.

About the estimate: "La Montagne Sainte-Victoire vue du bosquet du Château Noir" was sold to Qatar for about $100 million in 2014¹. "La Montagne Sainte-Victoire" was acquired by Paul Allen in 2001 for $38.5 million² and sold at the already legendary Paul G. Allen Collection auction for $137.8 million in 2022³. These are, of course, important works, but not at the same level as "Montagne Sainte-Victoire vu des Lauves" (see separate entry).

1. "Secret $100 Million Cézanne Sale in Detroit", Artnet Magazine, published December 19, 2014.
2. Phillips De Pury NY, May 7, 2001.
3. Christie's New York, November 9th 2022

These two works rank among the best depictions of the Mount Sainte-Victoire painted by Cézanne, similar to the one selected by theartwolf.com as one of the 50 masterworks of painting. This series, along with "The Card Players" and "Bathers", is widely recognized as Cézanne's greatest achievement, being the clearest influence for the cubism of Picasso and Braque. Like Hokusai in his "Thirty-six Views of Mount Fuji", Cézanne used different points of view in his “Montagne Sainte-Victoire” paintings, allowing the representation of the environs of the mountain

About the estimate: Less masterful examples of this series have been sold for $100 million in 2014¹ and for $137.8 million in 2022². These two canvases, however, are supreme masterpieces, among the best examples in the whole series.

1. "Secret $100 Million Cézanne Sale in Detroit", Artnet Magazine, published December 19, 2014.
2. Christie's New York, November 9th 2022

Van Gogh's 32 self-portraits are among the most immediately recognizable images in the history of art. Among them, the two self-portraits with a bandaged ear (this one and another one from the Courtauld Institute Galleries) are particularly famous, as they refer to one of the most talked about (and at the same time most misunderstood) moments in the artist's life.

About the estimate: Quietly purchased by the Niarchos family for an undisclosed price in the early 90s or before. A smaller and less important self-portrait by Van Gogh was sold for $71.5 million in 1998², then the third highest price ever paid for a work of art.

One of the handful of masterpieces by the artist still in private hands, this fascinating painting was painted one year after Gauguin's arrival in Tahiti.

1. Sotheby's New York, May 10th 1989
2. Christie's New York, November 9th, 2022.
3. "Gauguin masterpiece reportedly sold for $300 million"
4. "Cultura, sin caja para retener el ‘Mata Mua’ de la baronesa Thyssen", published by Cinco Días / El País, June 11, 2020
5. Several sources, including El País, El Norte de Castilla y Diario Sur.
6. For example, "La baronesa Thyssen quiere recuperar “liquidez” con la venta de un gran Gauguin, un Degas, un Hopper y un Monet", La Vanguardia, June 11, 2020.

The seven monumental "Compositions" painted by Kandinsky in the years before the First World War are among the most important works of the artistic avant-garde of the last century. Impressive in scale and complexity, this work is essential for understanding the development of abstraction in modern art, to the extent that it can be considered one of the first abstract paintings of the 20th century.

About the estimate: Sold for $40-50 million in 1998 in a private sale¹. No other Kandinsky of such importance has been sold in recent (and not so recent) times. Modern art, as is evident, has experienced an enormous increase in value over the last two decades, so that if it were sold today, the price would multiply. To what extent? It is difficult to say, since no Kandinsky of this importance has ever been on the market. "Composition V" is a milestone in modern art, more important than any Pollock or any Rothko, and could be the centerpiece of any serious modern art collection in the world, public or private.

1. Artnet Magazine, published November 4th 1998

"Die Tänzerin" is one of Gustav Klimt's last works, to the extent that parts of the painting remained unfinished. It was also the first work by the artist to be exhibited in the United States, as part of the collection of Joseph Urban.

About the estimate: as noted in previous entries, Klimt's large paintings rank among the most coveted works in Western art. Comparable (though not as famous) to the second version of the "Adele Bloch-Bauer" (see separate entry) sold for $150 million¹ in 2016.

This important painting belongs to Klimt's "golden period", as do the more famous "The Kiss" and "Adele Bloch-Bauer I". During World War II, the work was confiscated by the Nazis, being given to Gustav Ucicky, who, interestingly, is believed to have been an illegitimate son of Klimt.

About the estimate: acquired by Yves Bouvier for $112 million in 2013¹, and sold shortly thereafter for $187 million to Dmitri Rybolovlev². Then possibly sold to an Asian buyer for $170 million³. Despite the fact that Bouvier's sales to Rybolovlev should not be taken as a reference for any reasonable transaction, the subsequent sale to an Asian buyer is indicative of its immense value.

About the estimate: sold for $15.6 million at Christie's, 1996¹, then an exceptional price for a postwar work of art, and today a bargain. Compare it to "Woman as Landscape", a work of similar size but in my opinion notably inferior in quality, auctioned for $69 million in 2018².

1. "A de Kooning 'Woman' Tops the Year's Art Sales", The New York Times, November 21, 1996
2. Christie's NewYork, "An American Place | The Barney A. Ebsworth Collection Evening Sale", November 13, 2018, lot 7B

After a period in which his work focused almost exclusively on abstraction, between 1950 and 1953 Willem de Kooning created a series of six large canvases in which he studies the female figure, and which are considered his most important works. This painting belonged to the Museum of Contemporary Art in Tehran until it had to be sold after the Islamic Revolution of 1979.

About the estimate: Sold for $137.5 million at a private sale, 2006¹. For Sandy Heller, who advised Steve Cohen on the purchase, "Woman III" is "arguably the most important postwar painting that is not in a museum."² While such a claim may be subject to debate (Pollock and Bacon have something to say), the work is the only one of this series of "Women" by Willem de Kooning still in a private collection, so it can be considered by far the artist's most important work in private hands, well over "Interchange" and its unreasonable $300 million sale in 2015 (see separate entry).

1. "Willem de Kooning's Woman III, sold for $137.5 million"
2. "Willem de Kooning - 'Woman III' - Art - Report" - The New York Times, November 18,  2006.

After his "Women" series of 1950-1953, Willem de Kooning returned to the pure abstraction with which he had experimented in the late 1940s, creating some of his most famous compositions, such as "Gotham news" (Albright Knox Art Gallery), "Police gazette" (private collection) or the work illustrated here.

About the estimate: Sold for $20.6 million in 1989¹ (then an auction record for a contemporary painting). Sold for a then-record $300 million² in 2016 to billionaire and collector Ken Griffin. Although estimating the value of a work of art always has a point of subjectivity, the price paid is difficult to explain. If we look at its historical importance, Willem de Kooning's works created after his "Women" series do not represent any pivotal change for the history of art. If we look at its exclusivity, although this painting is possibly De Kooning's most important abstraction in private hands, there are other good examples that have come on the market, or may do so in the future, such as "Police Gazette" -purchased by Mr. Cohen for $63 million in 2006³ - or "The Time of the Fire" (see separate entry for this work).

1. "De Kooning Work Sells for Record $20.6 Million", published by Suzanne Muchnic, Los Angeles Times, November 9th 1989
2. " Billionaire Ken Griffin Paid $500 Million for Pollock, De Kooning Paintings" - The Wall Street Journal, February 25, 2016
3. "Works by Johns and de Kooning Sell for $143.5 Million" - The New York Times, October 12, 2006.

"Nu couché (sur le côté gauche)" is the largest painting of Modigliani’s career, and the only one of his famous nudes to include the entire figure within the canvas.

About the estimate: Sold for $26.9 million at Christie's New York, November 2003¹. Sold for $157.2 million at Sotheby's New York, May 2018². As the largest of all Modigliani's "Nudes", it will always be a highly coveted painting.

1, 2. For example see "Modigliani sells for $157.2 million at Sotheby’s" - theartwolf.com

The reclining nudes are possibly Modigliani's most famous and important works. This particular painting is recognized as one of the most accomplished of them all, being included as the cover of several of the publications on the artist.

About the estimate: sold for $170.4 million at Christie's, 2015¹, then the second most expensive painting ever auctioned. The subsequent sale of "Nu couché (sur le côté gauche)" for $157 million (see separate entry) confirmed the enormous collector interest in female nudes painted by Modigliani.

1. Modigliani’s Nu Couché makes $170 million at Christie's

"The Scream" is undoubtedly one of the most famous paintings in the world, an icon of modern art that has become a symbol of anguish and anxiety. Edvard Munch created four versions of the work (one with oil, one with tempera, and two pastels), the most famous of which is the one preserved in the National Gallery in Oslo. The work illustrated here is the only one that remains in private hands.

About the estimate: sold for 119.9 million in 2012¹, then an auction record. Considering the iconic value of the work, the price was even surprisingly low. Weeks before the auction, some experts suggested that the work could fetch $200 million², with British bookmakers placing a sale price of between $150 million and $200 million as the most likely option³.

1. "Edvard Munch’s 'The Scream' sold for $120 million at Sotheby's"
2. ""The Scream" could fetch $200 million at auction"- CBS News, 2 de mayo de 2012
3. "Sure Bets" - The New York Times, 26 de abril de 2012.

In the last part of his career, Pablo Picasso dedicated several series to the reinterpretation of works by great masters, such as "Las Meninas" by Velázquez or "The Women of Algiers" by Eugène Delacroix. On the latter subject, Picasso painted fifteen canvases, identifying each one with a letter of the alphabet. This "O" version is the last and most elaborate of the series.

About the estimate: Sold for $31,902,500 in 1997¹. Sold for $179.4 million in May 2015², then an auction record for a work of art. Why such high prices for this work? I can't find a defensible reason. By 1955, Picasso -who may have been the most important painter of all time- had already lost his drive and audacity. Gone were his cubist innovations, his surrealist experiments and even the sensuality of his interwar works, replaced by reinterpretations of older works in a style that had become obsolete. In any case, a painting is worth no more and no less than what someone is willing to pay for it, and in 2015 the market spoke loud and clear, placing this painting as one of the artist's most valuable in private hands.

1. "Prized Picasso Leads the Ganz Collection to a Record Auction" - The New York Times, November 11, 1997.
2. "Picasso and Giacometti smash records at Christie's historic auction"

Oil on canvas, 115 x 195 cm.
Dmitri Rybolóvlev Collection

"Les noces de Pierrette" is one of the most interesting works of the early Parisian Picasso. It belongs thematically to the Pink Period, but its general tone is clearly indebted to the Blue Period. According to several sources, the state of conservation of the work is not optimal.

About the estimate: sold for $51.7 million in Paris, 1989¹, then one of the highest prices ever paid for a work of art. After that, the painting fell victim to the Japanese crisis of the 1990s, and according to some sources it spent several years on the market, without finding a buyer. It was sold to Dmitri Rybolovlev in 2004 for an unconfirmed figure, although some sources put it at about $43.8 million¹, in line with the loss of value suffered by the work during its years on the market. Despite this, that sale price is surprisingly low considering that in the same year, another Rose Period painting, "Garçon a la pipe", fetched $104 million (auction record for any painting, see separate entry). It is quite possible that its poor state of conservation³ works against it, but in any case it is a Picasso of great importance, whose value should be above $100 million in a healthy market.

1. "Picasso Work Sets Record at $48.9 Million" - Los Angeles Times, published December 1st, 1989
2. "The Bouvier Affair: A True Story", Alexandra Bregman, 2019
3. See "The Art Market: Blue Period Picasso emerges", Financial Times, April 17, 2015.

Oil on canvas, 63 x 79 cm.
Private collection.

The views of the Rue Mosnier are among Manet's finest works that can be considered purely Impressionist. From his second-floor bedroom, Manet depicts a busy Parisian street scene, far removed from the "glamour" and elegance usually associated with paintings that depicted the French capital

About the estimate: sold in 1986 for £7.7 million¹ ($11.1 million), then the highest price ever paid for an Impressionist painting, surpassing the $10 million paid the previous year for Van Gogh's "Landscape With Rising Sun" (see separate entry). Three years later, a similar scene, "La Rue Mosnier With Flags", was acquired by the Getty for a spectacular $26.4 million². Following the acquisition (also by the Getty Museum) of Manet's "Le Printemps" for $65 million³, this is arguably the last masterpiece by Manet in private hands (only his self-portrait sold in 1997 and 2010 could be considered a masterpiece, but that would be more debatable).

Oil on canvas, 78 x 114 cm.
Private collection, Europe

"Bal al le Moulin de la Gallette" depicts one of the many balls held at the Moulin de la Galette, one of the most frequented entertainment venues in Montmartre at the time and a meeting place for bohemians and artists such as Toulouse-Lautrec, Van Gogh and Renoir himself. The painter created two versions of this work: the one illustrated here and a larger one exhibited at the Musée d'Orsay in Paris.

About the estimate: acquired by Ryoei Saito at Sotheby's for $78.1 million in 1990¹, then the second most expensive painting ever sold, second only to Van Gogh's "Doctor Gachet", acquired by the same buyer. Resold at a lower price in a private sale, 1998². Is this decline indicative of future sales? We know that, in general, "pure" Impressionist works have not experienced the same rise in popularity as modern or contemporary works, but absolute masterpieces -and this painting is among them- always arouse interest at the highest level. Recently, Monet exceeded $100 million at auction for the first time³, and Manet's "Le Printemps," which had a pre-sale estimate of between $25 million and $35 million, sold for $65 million⁴. This painting is, on many levels, more important than those mentioned above, being perhaps Renoir's only masterpiece in private hands, and an icon of Impressionism. In a sense, some parallels can be drawn between this painting and Georges Seurat's "Les Poseuses, Ensemble" (sold for almost $150 million in 2022⁵), both being smaller versions of an absolute masterpiece, and both being the finest work by their respective painter in private hands, this Renoir being even better known (and larger in scale) than the Seurat painting.

A monumental work by Rothko, formerly in the collection of Rachel Mellon. The painting is, in dimensions and importance, similar to the famous "Untitled" that belongs to the collection of the Guggenheim Museum in Bilbao.

About the estimate: Sold privately -along with another Rothko and a Diebenkorn- in 2014. According to some sources, the price paid for the group was around $250-300 million¹, with some sources indicating that this painting was valued at US$125 million in 2010². Other reports indicate a value of $150 million prior to its sale³. According to David Anfam, author of the first volume of Rothko's catalogue, this painting “unlike its companion at the Guggenheim in Bilbao, it’s not labored. In terms of its size there is nothing to compare it with since this is the only ‘classic’ Rothko, as opposed to the Seagram and Harvard murals, of such epic dimensions.”¹

1."Bunny Mellon’s $250 Million Rothkos Sold in Private Sale" - Bloomberg, published September 5, 2014.
2. "Private Sale of Two Rothkos and a Diebenkorn from Bunny Mellon Estate Estimated at $300m", artmarketmonitor, published September 5, 2014.
3."Opening the door to a place of plants and privilege" - Washington Post, published January 19th, 2017

Oil on canvas, 198 x 442.5 cm.
image: © The Estate of Francis Bacon
Private collection

The last of the triptychs created by Bacon in the 1970s, perhaps the pinnacle of his career. The work was in the collection of Stanley J. Seeger, who kept it in a place of honour in the Great Hall of his Sutton Place manor.

About the estimate: sold for $8.6 million in 2001¹, then a record for a work by Bacon. For reference, that same year "Three Studies for a Portrait of John Edwards" (sold in 2014 for $80.8 million²) was auctioned for only $4.45 million³.

Oil on canvas, 198 x 442.5 cm.
image: © The Estate of Francis Bacon
Private collection

This is one of the last great triptychs painted by Francis Bacon, and the only one to contain exclusively the painter's self-portrait. The composition is remarkable for its sobriety, which contrasts with the exuberance of most of the triptychs of the previous decade.

About the estimate: previous posts (see "Triptych, May-June 1973", "Triptych, 1976", etc.) have mentioned how several of Bacon's triptychs have fetched spectacular prices, even exceeding $140 million¹. For this particular work, the comparison with "Three Studies for a Portrait of John Edwards", sold in 2014 for $80.8 million², seems appropriate in terms of style and date, although it can be argued that the importance of this triple self-portrait is above that of the aforementioned work.

1. Record-breaking Bacon, Christie's record-breaking sale
2. Christie's New York, 13 May 2014

Oil on canvas, 198 x 442.5 cm.
image: © The Estate of Francis Bacon
Esther Grether Family Collection, Basel

This triptych is unique within Bacon's oeuvre in depicting what are perhaps the three main figures within the artist's "iconography": his lover George Dyer, died two years earlier; his friend and artistic rival Lucian Freud; and, of course, Bacon himself, immortalized in the centre of the canvas and in the photograph next to Dyer's portrait on the left.

About the estimate: The question of the importance of a Bacon triptych within the artist's oeuvre as a whole always has a certain degree of subjectivity. It can be argued that this work does not possess the relevance of "Black Triptychs" such as "Triptych, May-June 1973" (see separate entry), but it is unquestionably a sensational work, in some ways the "definitive Bacon" in representing the three major figures in the artist's career, and comparable (if not more important) to "Three Studies by Lucian Freud," sold for $142,4 million in November 2013¹, then an auction record (without taking inflation into account) for any work of art.

1. Record-breaking Bacon, Christie's record-breaking sale

Oil on canvas, 198 x 442.5 cm.
image: © The Estate of Francis Bacon
Private collection

The first of two triptychs (three if we include "Three Portraits: Posthumous Portrait of George Dyer, Self-portrait, and Portrait of Lucian Freud") that Francis Bacon painted of his friend and artistic rival Lucian Freud. The painting has not been seen in public since 1992.

About the estimate: the second version of the triptych, painted in 1969 and somewhat more expressive than the one discussed here, was auctioned for $142.4 million in 2013¹, then an auction record for a painting (not taking into account inflation)

1. Record-breaking Bacon, Christie's record-breaking sale

Oil on canvas, 198 x 442.5 cm.
image: © The Estate of Francis Bacon
Elaine Wynn collection

A large triptych by Francis Bacon, in which he portrays another of the great painters of his generation, Lucian Freud. In the words of Francis Outred from Christie's, the work is "a conversation between two masters of 20th century figurative painting, (...) paying homage to the creative and emotional kinship between the two artists".

About the estimate: Sold for $142,4 million in November 2013¹, then an auction record (without taking inflation into account) for any work of art.

1. Record-breaking Bacon, Christie's record-breaking sale

Oil on canvas, 198 x 442.5 cm.
image: © The Estate of Francis Bacon
Private collection (Roman Abrahamovich?)

One of the best works by Bacon in private hands, it draws on Ancient Greek mythology to express Bacon's personal tragedy

About the estimate: sold for $86.3 million in New York, May 2008¹. In a way, the sale of this work cemented Francis Bacon's position as one of the most sought-after artists on the market. Since then, prices for his large triptychs have risen considerably. His "Three Studies of Lucian Freud" broke records when it was auctioned for $142.2 million in 2013², and a less important "Triptych inspired by Aeschylus' Oresteia" fetched $84 million in 2020³.

1. Sotheby's New York, Contemporary Art Evening Auction, May 14th 2008, lot 33.
2. Record-breaking Bacon, Christie's record-breaking sale
3. Francis Bacon’s ‘Triptych Inspired by the Oresteia of Aeschylus’ sells for $84.6 million

Oil on canvas, 198 x 442.5 cm.
image: © The Estate of Francis Bacon
Esther Grether collection, Switzerland

This monumental triptych (one of the artist's three "Black Triptychs", and the only one of them remaining in private hands) was painted in memory of George Dyer, Bacon's model and lover, who committed suicide with an overdose of alcohol and barbiturates. The "Black Triptychs" are a posthumous tribute to Dyer, and a testament to the artist's sudden sense of mortality.

About the estimate: this work was sold in 1989 for 6.3 million dollars¹, then a record for the artist. Since then, few artists have experienced such a market boost like Bacon, to the point that one of his triptychs ("Three Studies of Lucian Freud") was once the most expensive painting in history when it was auctioned for $142 million in 2013². Emotionally tragic, "Triptych: May-June 1973" is the artist's most important work in private hands, and one of the great masterpieces of postwar art.

1. "Francis Bacon claims his place at the top of the market", The Art Newspaper, August 29th 2008.
2. Record-breaking Bacon, Christie's record-breaking sale

oil on canvas, 100 x 126.5 cm.
Wildenstein collection

"The Lute player" is one of the most famous compositions by Caravaggio. Two versions of the painting exist, the one displayed here and a second version at the Hermitage Museum, Saint Petersburg. A third version (oil on canvas, 96 x 121 cm.) is housed in a private collection (previously at Badminton House, Gloucestershire) and is attributed to the artist by some critics, but others consider it to be a copy.

About the estimate: When the Badminton House version was displayed at the Salander Gallery in 2007, dealer Lawrence Salander (later filed for bankruptcy) said that the painting was "the most important painting ever sold"¹ (false), and that $100 million would be "cheap"¹ (debatable). Other sources point to a price of £50 million². The wide range in the estimated price is due to the fact that there are also doubts about the attribution of this version, which could affect its estimated price.

Oil on canvas, 92 x 65 cm
Private collection, Argentina

Before Picasso and his "Rose Period," Cézanne had already explored circus themes in his series of four "harlequin" paintings, of which this is the only example in private hands. The simplification of forms and the almost total absence of background and foreground anticipate the "Card Players" series and Cubism of the early 20th century.

About the estimate: as the sale of "The Card Players" for $250 million in 2011¹ demonstrated, Cézanne's large compositions are, because of their importance and rarity, among the most coveted works in Western art. Although the "Harlequins" do not reach the importance of the aforementioned series, they do constitute one of Cézanne's boldest experiments, and a direct antecedent to the avant-garde of the 20th century.

1. Several sources, including Forbes, The New York Post and the Daily Mail

Oil on canvas, 60 x 73 cm
Private collection

Paul Cézanne is the one of the best still life painters of all time, and this beautiful work ranks among the best still lifes created by the artist.

About the estimate: Sold for $60,502,500 in 1999¹, then a record price for the artist. Offered (and subsequently sold) to Steve Wynn months after the sale², which raises doubts as to whether the above price was ever paid.

1. Sotheby's New York , May 10th 1999
2. "Paul Cézanne Painting Ends Up in Las Vegas After Sale Goes Sour" - Observer, October 25, 1999.

Oil on canvas, 73 x 92 cm
Private collection, New York

Paul Cézanne, the most important of the post-impressionists, created some of his most fascinating compositions in the still life genre, of which this painting is one of the most complex and accomplished examples.

About the estimate: acquired in a private sale for $50 million in 1996 or 1997¹, then one of the five highest prices ever paid for a painting. In many ways it is a more complex and fascinating painting than "Rideau, Cruchon et Compotier", sold three years later for $65 million² (see separate entry).

Oil on canvas, 73 x 92 cm.
Niarchos collection

The whole picture is filled with the melancholic taste of a farewell, predicting the artist's own death a few months later. This fancy coloured work is Gauguin's pictorial testament and an eloquent ode to the Polynesia

About the estimate: in addition to the aforementioned case of "When you will marry?", sold for $210 million in 2015¹, the auction record for Gauguin is $105.7 million for another Tahitian scene, "Maternité II", in 2022². Widely published, and with the prestige of belonging to the Niarchos collection, "Riders on the Beach" is one of Gauguin's most important works in private hands.

1. Lawsuit Reveals Gauguin Painting Was Not World’s Most Expensive. New York Times, July 3, 2017
2. Christie's New York, November 9th 2022.

Oil on canvas, 69 x 56 cm.
Niarchos Collection

Van Gogh painted two versions of his portrait of Patience Escalier (sometimes called "Vieux Paysan", or "Old Peasant"), the one shown here and another now in the Norton Simon Museum. Referring to this work, the Frick Collection in New York stated that the painting, along with Vincent's many written documents about his artistic process and the profound meaning that portraiture had for him at the time, is a strong testimony to a turning point in the work of a great artist.

About the estimate: we have already mentioned the extraordinary value of those portraits that were important in Van Gogh's career, such as this one. There have been notable cases such as the "Portrait of Doctor Gachet" or the "Portrait of the Postman Roulin", whose sales broke all records for a work of art¹, but even lesser known works such as "Peasant Woman Against a Background of Wheat" have achieved exceptional prices, being acquired by Steve Wynn in 1997, for $47.5 million², and later sold to Steve Cohen for some $80 million in 2005³

Oil on canvas, 65.2 x 80.2 cm.
Private collection, Asia

The painting belongs to a series of Japanese-inspired depictions of blossoming orchards painted by Van Gogh in Arles in the spring of 1888, and although it is not the only one of these paintings in private hands, it is one of the most accomplished. Ingo F. Walther, whose biography of Van Gogh is a must-read for any art lover, states that in these blossoming orchards "Baudelaire's formula of the poetic in the historical, the eternal in the ephemeral, appears inverted. Van Gogh seeks the ephemeral in the eternal, he seeks in reality the moment that makes plausible his vision of a better life, his projection of Japan. The instant must make real what the imagination has passionately projected".

About the estimate: sold in 2022 for $117.2 million¹ at the already historic auction of the Paul Allen Collection.

Oil on canvas, 73,5 x 92,5cm
Private collection

In this spectacular painting, Van Gogh chooses a highly unusual point of view, giving the painting an unsettling tension. Far from focusing on the bridge that gives the painting its title, and without even depicting the river Rhône, Van Gogh shows the massive staircase leading to the bridge in the centre of the composition, standing out with the lightness of the bridge on the left and the emptiness of the vault visible on the right.

About the estimate: sold in 1987 for £12.6 million¹ ($20.2 million), then the second highest price ever paid for a work of art. The increase in the value of Van Gogh's works since then is evident. As a reference, "Le moissonneur" was auctioned in 1988 for £2.5 million², and for £24.2 million in 2017³.

Oil on canvas, 73 x 92 cm.
Private collection

In the last three years of his life, from his stay in Paris until his last weeks in Auvers, Van Gogh created several paintings depicting the interior of a forest, generally without human presence except in the "Undergrowth with Two Figures" from the Cincinnati Art Museum. In this work, painted a few days before his suicide, Van Gogh almost completely omits perspective, with no background or foreground as such, in a manner inevitably reminiscent of the experiments of the Cubists and the early abstract painters of the early 20th century.

About the estimate: sold in 1995 for almost $27 million¹, a very remarkable price for the time. For reference, another very good Van Gogh, "Intérieur d'un restaurant", would sell six months later for $10.3 million².

Oil on canvas, 72 x 93 cm.
Private collection

Painted in mid-July 1890, a few days before the painter's suicide, the painting shows the town hall building in Auvers and the square around it, decorated for the Fête Nationale. The square, strangely empty during a bank holiday, the pale sky and the total absence of shadows give the painting a melancholy, even ghostly look.

About the estimate: large paintings painted by Van Gogh in Auvers very rarely appear on the market. As a reference, "Sous-bois" (of identical dimensions) was auctioned in 1995 for almost $27 million¹, a very remarkable price for the time.

Oil on canvas, 73 x 92 cm.
Goulandris Foundation

The series of paintings of olive groves is one of Van Gogh's greatest artistic achievements from his stay at the Saint-Rémy sanatorium. This painting, together with another in the National Gallery of Art, Washington, are the last paintings of olive groves painted by Van Gogh.

About the estimate: as an example of the extraordinary value of the most important landscapes painted by Van Gogh at Saint-Rémy, a "Wheatfield with Cypresses" was sold to the Metropolitan Museum for $57 million in 1993¹, by far the highest price paid for a painting during the recession of the early 1990s. At the end of that decade, the art dealer Richard Feigen valued this painting from the Goulandris collection -"conservatively"- at $50 million². More recently, a less important landscape by the artist ("Laboureur dans un champ"), also painted in Saint-Rémy, was auctioned for $81.3 million in 2017³, and "Verger avec cyprès" fetched $117.2 million⁴ at the Paul Allen Collection auction in 2022.

Oil on canvas, 60 x 65 cm
Private Collection

Van Gogh's cycle of four paintings (plus a watercolour) representing the Langlois Bridge (now called Pont Van Gogh) rank among the most important and best-known works of his period in Arles. The Japanese influence (especially Hiroshige) is evident in the composition, of which there is another version (slightly smaller in size) in the Kröller-Müller Museum.

About the estimate: being the only canvas of the series in private hands, its market value is logically quite remarkable. As a reference, another Arles landscape (less important in the artist's career), "L'Allée des Alyscamps", was auctioned for $66.3 million in 2015¹. Interestingly, that painting had been sold in 2003 for $11.8 million², and at the same auction, the watercolour depicting the Langlois Bridge, measuring just 30 x 30 cm, fetched $8.3 million², suggesting that the value of this canvas is considerably higher than that of the painting of the Alyscamps.

Oil on canvas, 64 x 80 cm
Private Collection

This is one of the most unusual works from the last phase of Van Gogh's career, to the point that it was for a time considered a forgery of Van Gogh's style. In the words of William Robinson, curator at the Cleveland Museum of Art, this painting is "the masterpiece of his last days, leaning toward abstraction."

About the estimate: the relationship between this painting and the art market is complicated. Part of a private French collection, it was offered at auction in 1992, with an estimated price of up to $40 million (extraordinarily high for a period of recession like the early 1990s), but it was sold for only $11 million¹ due to two relevant factors: on the one hand, the painting had been declared a national treasure in France, which complicated its export. On the other hand, the painting's bold style led some critics to consider it a forgery. This last factor also caused it to fail to find a buyer in 1996². Today, its authorship is confirmed, and with regard to its status as a national treasure it should be noted that several relevant paintings, such as Rembrandt's "The Standard Bearer" in 2021 or the portraits of Marten Soolmans and Oopjen Coppit - also by Rembrandt - in 2015, have left France after being acquired by foreign buyers.

Oil on canvas, 50 x 101.5 cm
Rudolf Staechelin Foundation

A few months before his death, Vincent van Gogh painted three versions of "Daubigny’s Garden", of which this work -the only one in private hands- is the first version, and perhaps the most successful despite the somewhat sketchy figure of the cat in the foreground.

About the estimate: In recent years, the value of Van Gogh's large landscapes has risen, as evidenced by the $81.3 million paid for" Laboureur dans un champ" in 2018¹, or, more recently, the $117.2 million paid in 2022 (Paul Allen Collection auction) for "Verger avec cyprès"². But none of those paintings has the importance of this work, which Van Gogh himself described as "one of my most labored canvases."

1. Christie’s New York, November 13, 2017
2. Christie's New York, November 9th 2022

Oil on canvas, 92 x 73 cm.
Private collection (Steve Cohen?)

One of Van Gogh's last portraits, painted a few weeks before his suicide. In the words of Ingo F. Walther, in this painting we can see "traces of the fidelity to the real and the roughness of those peasant pictures that [Van Gogh] had painted in his early period".

About the estimate: acquired by Steve Wynn in 1997 for $47.5 million¹, a very high price for that time, and sold to Steve Cohen for about $80 million in 2005². Some sources valued the painting at $100 million in 2012³.

1. Time Magazine, published in 1998.
2. "Cohen Buys Two Works from Wynn in $120M Deal" - ARTnews, October 11, 2005.
3. "Capitalism's great heist" - Salon.com, July 10, 2012.

Oil on canvas, 116 cm × 81 cm.
Private collection

"Annah the Javanese" is not only one of the most important paintings created by Gauguin after his return from Tahití in 1894, but also one of the most polemic as well, depicting Gauguin's 13 year old lover and model.

About the estimate: See considerations for other works by Gauguin in this list. "Annah the Javanese" is a painting of tremendous historical importance (comparable to "When Will You Marry?" sold for $210 million¹, see above), but its controversial subject could affect to its hypothetical selling price. More recently, a less important (but also less controversial) "Maternité II" (1899) sold for $105.7 million² at the Paul Allen Collection auction.

Oil on canvas, 51.5 x 65 cm
Private collection (Niarchos?)

"Wheat field with cypresses" series are among the most famous works by Van Gogh, who considered them among his finest works. The series consists of three paintings, being this work the only one in private hands

About the estimate: The largest painting in the series was sold privately in 1993 for $57 million¹ (then one of the highest prices ever paid for a painting) and later donated to the Metropolitan Museum. This work is smaller and a bit sketchier, but still a highly coveted painting.

1. "Annenberg Donates A van Gogh to the Met" - New York Times, published May 25th 1993

About the estimate: "Vase with Fourteen Sunflowers" was the star of one of the most important auctions in art history, selling for nearly $40 million in 1987¹, tripling the previous record for a work of art. Despite its almost "mythical" status in the art market, there have been some voices (today in the minority) that doubt its authorship, considering it a copy of Émile Schuffenecker³. These doubts could affect the hypothetical sale price of this version, which should reach -or exceed- $250 million if the attribution were unanimous.

1. "Van Gogh Painting Sold for Record $39.85 Million" - Los Angeles Times, March 30, 1987.
2. "Leading scholar on Claude-Emile Schuffenecker suggests the artist may be the author of suspected Van Gogh fakes" - The Art Newspaper, August 31, 1997.

About the estimate: "acquired by the tycoon and collector Georges Embiricos for 4.7 million francs (£600,000) in 1970¹, an extraordinary price for the time. Offered to the Getty in 1996, but was eventually acquired by a private collector for an undisclosed price². As a reference of the importance of the "Sunflowers" paintings, note that "Vase with Fourteen Sunflowers" (see separate entry) was the star of one of the most important auctions in art history, selling for nearly $40 million in 1987³, tripling the previous record for a work of art. Although this version is not as complex as the work today in Japan, it has in its favor being the first painting in this important series of works.

1. Martin Bailey, "The Sunflowers Are Mine: The Story of Van Gogh's Masterpiece" (2019)
2. "Secrets of the two unknown Van Gogh Sunflowers" - The Art Newspaper, August 20, 2021.
3. "Van Gogh Painting Sold for Record $39.85 Million" - Los Angeles Times, March 30, 1987.

Oil on canvas, 46 x 38 cm.
Private collection

This self-portrait was painted by Vincent van Gogh in late 1888, when the painter lived for a time with fellow artist Paul Gauguin, in what was one of the most famous and troubled artistic relationships in the history of Western art.

About the estimate: sold for $26.4 million in 1990 (at the same auction in which the "Portrait of Doctor Gachet" was sold for a then-record $82.5 million), entering then in the "top 10" of the most expensive paintings ever auctioned¹. Comparable in size and quality to the self-portrait of the artist sold for $71.5 million in New York, 1998², (then one of the five most expensive paintings ever auctioned), but without the strength of being perhaps the last self-portrait painted by the artist, as in the case of the aforementioned work. Since 1998, no self-portrait by Van Gogh has appeared on the market. In 2013, Christie's valued another smaller, earlier Van Gogh self-portrait, owned by the Detroit Institute of Art, at between $80 million to $150 million³.

1."$82.5 million for a Van Gogh" - Los Angeles Times, May 16 1990.
2. Christie's Nueva York, November 19, 1998
3. Nathan Bomey, "Detroit Resurrected: To Bankruptcy and Back", 2016

Oil on canvas, 40 x 31 cm.
Private collection

This is, in the opinion of some historians, the last self-portrait painted by Van Gogh (others believe that the self-portrait in the Musée d'Orsay is later), who gave it as a gift to his mother.

About the estimate: sold for $71.5 million in New York, 1998¹, then one of the five most expensive paintings ever auctioned. Since then, no Van Gogh self-portrait has ever been on the market again.

1. Christie's Nueva York, November 19, 1998

Oil on canvas, 65 x 51 cm
Niarchos Collection

Van Gogh's three portraits of Père Tanguy show the evolution that the artist's painting underwent in Paris. While the first of them (Copenhagen, Carlsberg Glyptotek) retains the dark tones inherited from his training as a painter in the Netherlands, the next two (the work illustrated here and another, more evolved version in the Musée Rodin) clearly show the influence of Japanese art on Van Gogh, who went so far as to include copies of Japanese works in the background of the painting.

About the estimate: Acquired by Stavros Niarchos directly from the collection of Edward G. Robinson, there is no reference to this painting on the open market. However, it is tempting to compare this work with the "Portrait of Joseph Roulin" acquired in 1989 by the Museum of Modern Art in New York for some $58 million¹, then the highest price (without taking inflation into account) ever paid for a work of art. Like that one, this "Portrait of Père Tanguy" is not the most important painting in the series of portraits (the aforementioned painting in the Musée Rodin is), and although by date and style the portrait Joseph Roulin may be a more attractive work for the market, the importance of the present work places its value above $100 million.

Oil on canvas, 81 x 65 cm.
Private collection (Argentina?)

"The Zouave" is one of the most important portraits painted by Van Gogh during his time in Arles. There are two versions of this painting, this being the largest and the only one in which the sitter is shown full-length.

About the estimate: despite the fact that the market seems to prefer the paintings created by Van Gogh in Saint-Remy and Auvers, "The Seated Zouave" is an iconic painting by the artist. In 2020, some sources suggested that the painting had been sold by Nelly Arrieta de Blaquier (deceased that same year) for $300 million¹, something that is hard to believe in the absence of confirmation by any of the parties involved.

1. Published by Argentine media: "A Van Gogh was sold for $300 million in Buenos Aires in 2019" (La Capital, January 20th, 2020), "Nelly Arrieta de Blaquier: the patron of sugar" (Izquierda Diarion, November 19th, 2020).

Oil on canvas, 73 x 60 cm.
Private collection (formerly in the Koerfer Collection)

An extremely important work, painted during Matisse's pivotal years of 1905 and 1906, when works such as "Le Jeune Marin" or "Woman with a hat" were created

About the estimate: Auction record for Matisse is $80.8 million for "Odalisque couchée aux magnolias" (1923) from the Rockefeller collection¹. Although not as large or exhuberant, this is a far, far more important work.

1. "Rockefeller collection sells for $646 million at Christie's"

Oil on panel, 180 x 312 cm
Worshipful Company of Barbers, London

Hans Holbein the Younger's last major commission, received shortly before his death during a plague epidemic. In fact, the presence of hands other than Holbein's on the painting may be due to the fact that the artist died before he could complete it, but also that other artists intervened on the painting after it had been completed by Holbein.

About the estimate: Firstly, the legal status of the painting should be taken into account. While the vast majority of works on this list belong to individuals or small family foundations, "Henry VIII and the Barber Surgeons" is owned by a British Guild, so that the path that could lead to a hypothetical sale of this work is uncertain to say the least. In any case, we should bear in mind that other London Guilds have sold works of art in the past, for example silver pieces by the Worshipful Company of Goldsmiths¹, so the possibility that this work could be put on the market, although low, seems real. On the other hand, when suggesting a figure for this important painting, we should bear in mind the extent to which painters other than Holbein were involved in it. Throughout its history, various experts have noted the relatively low quality of the figures in relation to other works by the artist. John Charles Robinson, for example, stated in the late 19th century that the painting "cannot be regarded as a great masterpiece by the German painter"², an opinion shared by other critics in subsequent years³. In short, it is a painting of considerable importance and ambition, but its final estimate may vary depending on the degree of involvement attributed to Holbein in the studies.

1. Mentioned by Sotheby's, catalogue of the auction "From Earth to Fire", 1 November 2017.
2. "The Barber-Surgeons' Holbein", British Medical Journal, 1895.
3. For example, see Bertram Cohen, "A tale of two paintings," 1980.

Oil and tempera on panel, 76 × 51 cm
Propierty of the Earl of Radnor

Holbein painted three portraits of Erasmus, of which this version is the largest and the most elaborate. One of the most famous paintings by an old master still in private hands, this work is a masterpiece of Renaissance portraiture

About the estimate: Compare with the "Darmstadt Madonna" listed in this page, and whose value on the open market could be "in excess of €100 million"¹. Though not as monumental, this is a far more iconic work by Holbein, one of the most famous portraits from the High Renaissance, and arguably the most famous portrait of Erasmus.

Hanging scroll on paper (detail shown in the image)
Private collection

This landscape by Wang Meng (one of the four masters of the Yuan Dynasty along with Huang Gongwang, Ni Zan and Wu Zhen) is one of the few works by the artist in private hands, and depicts a Jin dynasty doctor moving to Mount Luofu.

About the estimate: sold for ¥402.5 million ($62.1 million)¹ at Poly Beijing in June 2011, then the second highest price ever paid for a Chinese work of art. The enormous rise in the price of Chinese art in the decade following the sale, largely due to the huge increase in the number of billionaires in the country, put the value of this painting at over $100 million.

Scroll on paper, 26,9 x 204,5 cm
Private collection, Japan

Li Gonglin was one of the most important cultural figures of the Northern Song Dynasty. He was especially prized for his paintings of horses, among which 'Five Horses' (long considered lost) is perhaps his masterpiece.

About the estimate: pricing a great Chinese painting, especially the most exceptional masterpieces, always has a huge degree of uncertainty, with very few (if any) references of comparable works sold in recent times. In 2017, Christie's sold "Treatise of Bianqiao", also by Li Gonglin, for $17.6 million¹, although that work does not reach the importance of "Five Horses". According to Itakura Masaaki, Professor, Institute for Advanced Asian Studies, "Five Horses" was appreciated by successive Chinese dynasties as a "divine work"².

Scroll, approximately 12 metres in length
Private collection

One of the few surviving works by Huang Tingjian, considered one of the 'four masters' of Chinese calligraphy during the Song Dynasty. The scroll was for years considered a forgery, until its attribution was confirmed by a Taiwanese researcher.

About the estimate: sold for 436.8 million yuan (about $62.8 million) by Poly auctions in Beijing in 2010¹, then an absolute record for a Chinese work of art. The increase in value of Chinese art in recent years, derived in part from the remarkable rise of Chinese billionaires, suggests that the value of this work may be worth more than $100 million.

Oil on canvas, 12 parts, each 180 x 47 cm.
image: © Heirs of Qi Baishi
Private collection

The largest of the "twelve landscape screens" series by Qi Baishi, often regarded as the most important 20th century Chinese painter.

About the estimate: Sold for $140.8 million¹ in 2017, setting a new auction record for a Chinese painting and for an Asian work of art.

Encaustic paint and newsprint on canvas, 132.7 x 200 cm.
Private Collection
Image: © Jasper Johns / Artists Rights Society (ARS), NY

Johns painted his "White Flag" shortly after his first work in his “Flag” series, now in the Museum of Modern Art, New York. The prime "White Flag" is now in the Metropolitan Museum of Art, New York, and this is the second, smaller version of the painting.

About the estimate: "White Flag" is a work of extraordinary importance in Johns's career, second only to his first flag, which is owned by MoMA. As proof of this, the first version of this work was acquired in 1998 by the Metropolitan Museum for some $20 million¹, according to several sources, then an absolute record for a work by a living artist. The second version -the one shown here- was auctioned in 1988 for some $7 million², also then an absolute record for a work by a living artist, which would be surpassed the following day by "False Start" (also by Johns), sold for $17 million³. It should be noted that at the time of the sale of this second version, the original version was still in private hands (specifically in the artist's collection), which may have dampened interest in this version. With the original version no longer on the market, the exclusivity -and therefore the value- of this painting has increased.

Oil on canvas, 248.9 x 182.8 cm
Norman and Irma Braman Collection
Image: © Jasper Johns / Artists Rights Society (ARS), NY

The "Flags" series is possibly Jasper Johns' best-known work. The artist began the series in the mid-1950s, and over the following decades he experimented with modifying scales and colours (such as his "White Flag", now in the Metropolitan Museum), even multiplying flags, as in the present work.

About the estimate: as already mentioned, the flags created by Johns between 1955 and 1965 are extremely valuable. In 1980, the Whitney Museum bought "Three Flags"¹ for a then-record price for a living artist, and a "Flag" created in the 1950s was sold to Steven Cohen for $110 million (according to sources) in 2010². Another copy of "Two Flags", painted in 1973 (making it less valuable than the present work) was auctioned for a very remarkable $11 million in 1989³, and resold for $7.2 million in 1999⁴.

Oil on canvas
Agnes Gund Collection
Image: © Jasper Johns / Artists Rights Society (ARS), NY

Following his "Flags" series, Johns created his "Maps," the first version of which (1961) is preserved at MoMA in New York, while MoCA in Los Angeles has a second version (1962) that is almost monochromatic. The present painting is, of the three versions, the one with the widest range of colors. According to MoCA, "attempting to puzzle out Map’s philosophical questions reveals the limits of binary categories like thing and painting, or reality and representation."

About the estimate: works by Johns have repeatedly broken records for a living artist, including the sale of "False Start" for 80 million in 2006¹, or "Flag" for 110 million in 2010². "Map", a work of great importance from an excellent private collection such as Agnes Gund's, can be considered as having a market price on a par with the two previous works.

Encaustic and collage on canvas, 129.5 x 111.8 cm
David Geffen Collection
Image: © Jasper Johns / Artists Rights Society (ARS), NY

One of the most important works of Jasper Johns' career, and a clear forerunner to the Pop Art that would dominate the American art scene for the next decade.

About the estimate: acquired by David Geffen in the early 1990s for more than $10 million¹, according to some sources. The evolution in the price of works such as "Flag" or "False Start" (see separate entries) suggest that the market price of this important work should be in excess of $100 million.

1. "A Master of the Mix of Big Art and Big Money". Judd Tuly, The Washington Post, June 6, 1993.

Encaustic painting and collage on canvas, 190 x 155 cm
Private Collection
Images: © Artists Rights Society (ARS), NY

"Highway" was painted in 1959, a crucial year in which Johns created some of his most important works, straddling Abstract Expressionism and Pop Art, such as "False Start", "Thermometer" or "Device Circle".

About the estimate: auctioned in 1994 (with the market still in recession) with a presale estimate of between $8 million and $10 million¹, and finally sold for $6.5 million². Sold in 1999 for $20 million². By style, date and importance, comparable to "False Start", sold in 2006 to Steven Cohen for $80 million³, then a record for a living artist.

About the estimate: "False Start" has a quite outstanding sales record. It was auctioned for $17 million in 1988¹, breaking by far all records for a painting by a post-war artist, and for a work by a living artist. In 2006, David Geffen sold the painting to Steve Cohen for $80 million², again a record for a living artist. It should also be noted that the smaller version of this painting ("Small False Start", measuring just 55.6 x 46.4 cm compared to 171 x 137 cm for "False Start") was auctioned for $55.3 million³ in 2022.

1. "Jasper Johns Painting Is Sold for $17 Million" -  The New York Times, November 11, 1988.
2. "Art Sales - Jasper Johns - Willem de Kooning - Report" -  The New York Times, October 12, 2006.
3. Christie's New York, November 9th 2022

Boy and Dog in a Johnnypump
Oil on canvas, 240 cm × 420 cm
Ken Griffin Collection

One of Basquiat's largest and most energetic work, painted in 1982, the year in which Basquiat himself acknowledged that he had painted his best works.

About the estimate: acquired by Ken Griffin for $100 million (or more than $100 million, according to some sources) in 2020¹. 

1. For example, "Billionaire philanthropist Ken Griffin buys Basquiat painting for more than $100 million" - Chicago Tribune, 5 June 2020.

Note: estimation is for each of the paintings

Acrylic on canvas, 205.74 x 175.9 cm
Edythe Broad Collection, on view at The Broad
Acrylic on canvas, 183.2 × 173 cm
Yusaku Maezawa Collection

Jean-Michel Basquiat's "skulls" are perhaps the most important works of his career, though this claim is risky for an artist whose career -and contribution to art- is still being evaluated. The first version, on view today at The Broad, was painted by Basquiat when he was still an almost unknown artist, while the version now owned by Yusaku Maezawa was painted the following year, at the height of the artist's career and fame.

About the estimate: the version now in the Maezawa collection was auctioned at Sotheby's for $110.5 million in 2017¹, a record for a work by the artist. Meanwhile, the version now at The Broad has not appeared on the market since it was acquired by Eli and Edythe Broad the year after it was painted. Which of these two paintings can be considered more valuable? The version at The Broad has in its favor being the first of the "skulls" painted by Basquiat, as well as an excellent provenance. The Maezawa version, on the other hand, was painted in 1982, the year in which Basquiat himself acknowledged that he had painted his best paintings, in addition to a greater expressiveness. In any case, the enormous value of Basquiat's "skulls" was confirmed in 2021, when "In This Case", a skull painted in 1983 (which within Basquiat's meteoric career is already considered "too late") was auctioned for $93.1 million at Christie's².

1. Sotheby's New York, May 18, 2017
2. Christie's New York, May 11, 2021

Note: estimation is for each of the paintings

"Diver", 1962. Oil on canvas, 228.6 x 431.8 cm. Collection Norman and Irma Braman
"According to What", 1964. Oil on canvas, 223.5 x 487.7 cm. Private collection (formerly Edwin Janss)
images: © Artists Rights Society (ARS), NY

Two of the largest and most important works by Johns, each measuring over 4 meters in length. The panels that make up "Diver" include compositions reminiscent of earlier works, such as "False Start", while "According to What" incorporates elements more typical of Pop Art, such as newspaper clippings.

About the estimate: "Diver" was sold for just $4.2 million in 1988¹ (then an auction record for Johns, now a bargain). It is comparable in importance to "False start", which was sold for $80 million in 2006, and not far behind "Flag", sold to Steven Cohen in 2010 for $110 million (see separate entries). No sales history has been found for "According to What", comparable in size and importance to "Diver".

1. "Sale Mark Set for Work of Living Artist", published by Suzanne Muchnic, Los Angeles Times, May 4th 1988

About the estimate: Acquired by Steven Cohen for $63.5 million in 2006¹. The sale of "Interchange" (a painting superior in scale and ambition to the one discussed here, but comparable in date and style) for $300 million in 2015², while not very comprehensible, reaffirms the enormous value of these paintings by Willem de Kooning.

After his "Women" series of 1950-1953, Willem de Kooning returned to the pure abstraction with which he had experimented in the late 1940s, creating some of his most famous compositions, such as "Gotham news" (Albright Knox Art Gallery), "Interchange" (private collection) or the work illustrated here.

About the estimate: Comparable to "Interchange", sold for a then-record $300 million in 2015¹, a price considered by many art critics to be excessive.

Oil on canvas, 81,3 x 96,5 cm
Private Collection

Hopper, the painter of urban solitude, achieves with "Chop Suey" one of his first masterpieces. As in his famous "Nighthawks", the interior of the café/restaurant, despite the presence of several customers, conveys a sense of isolation and coldness. In particular, the main figure in the composition, which Hopper has depicted in greater detail than the rest, seems self-absorbed and disconnected from any human interaction, strangely reminiscent of the waitress in Manet's "Un bar aux Folies Bergère".

About the estimate: sold for $92 million in 2018¹, by far a record for the artist. Widely regarded as Hopper's most important work in private hands, its value can be expected to continue to rise.

Oil on canvas, 105.1 x 154.9 cm.
image: © Artists Rights Society (ARS), NY
Collection Steven Cohen

"Flags" are Jasper Johns most famous works. The artist painted his first American flag in 1954–55, a work now at the MoMA.

About the estimate: Reportedly sold to Steven Cohen in 2010 for $110 million¹. Johns early "Flags" are very coveted: in 1980, the Whitney Museum bought "Three Flags" (1958) for the then highest price ever paid for the work of a living artist².

Crayons on oak panel
Peter Silverman collection

A small drawing of a lady, similar in style to the "Portrait of Isabella d'Este". Its "rediscovery" as a Leonardo was published by Martin Kemp in 2011.

About the estimate: For the reasons for this strange estimation, see all the considerations given to the "Salvator Mundi" (see above). In this case, the attribution to Leonardo is even more contested¹, with some critics defending that the work is not even a Renaissance painting, but the work of a 20th-century forger.

1. We recommend to read the chapters "Support for Leonardo Attribution" and "Opposition for Leonardo Attribution" at the wikipedia

Oil on canvas, 111.8 x 132.1cm.
Image: © Succession Roy Lichtenstein / ARS New York
Private collection, formerly Ileana and Michael Sonnabend Collection.

Another of the typical "comic strip inspired" paintings created by Lichtenstein in his most important period (1961-1965).

About the estimate: the comparison with "Masterpiece", sold in 2017 for $165 million¹, is inevitable, both for style, date, size (somewhat smaller in the case of the present work), and for the fact that both belonged to one of the best private collections of contemporary art of the last decades (Agnes Gund collection, in the case of "Masterpiece", and the Sonnabend collection, in the case of "Eddie diptych").

1. "Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund" - New York Times, June 11th 2017

Oil on canvas, 137.2 x 137.2 cm
Image: © Succession Roy Lichtenstein / ARS New York
Steve Cohen Collection

"Masterpiece" is one of Roy Lichtenstein's most recognizable paintings, painted one year after his "Look Mickey" and one year before "Whaam!", often considered his most famous works.

About the estimate: Sold by Agnes Gund to Steve Cohen for a reported $165 million in 2017¹

1. "Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund" - New York Times, June 11th 2017

Note: the estimated price is for each of the works.

“Le Portail, (soleil)” (W1322)
“La Cathedrale de Rouen, Effet d’Apres-midi” (W1361)
Oil on canvas, 100 x 65 cm and 106 x 63 cm
Private collection

“The climax of Impressionism”. This is how Claude Monet’s series of views of Rouen Cathedral painted between 1892 and 1894 has been described. The series – consisting of 31 canvases showing the façade of Rouen’s Gothic cathedral under different light and weather conditions – provoked immediate admiration among the critics of its time, and was praised by many later masters, from Wassily Kandinsky to Roy Lichtenstein.

About the estimate: the "sunny" versions of Claude Monet's Cathedrals series have always been among Monet's most sought-after works. "La Cathedrale de Rouen, Effet d'Apres-midi" was auctioned for $12 million in 1995¹, while "Le Portail (Soleil)" exceeded $24 million in 2000². Indeed, it could be argued that the value of these works is on a par with - or even above - that of the "Meules", which have recently exceeded $100 million at auction. For reference, the "Meule" auctioned in 2016 for $81.4 million³ had been auctioned in 1999 for $11.8 million⁴, less than half of what "Le Portail (Soleil)" would fetch a year later, and similar to that achieved by "La Cathedrale de Rouen, Effet d'Apres-midi" four years earlier, in a much less euphoric market.

Note: the estimated price is for each of the works.

Bassin aux nymphéas, les iris d’eau (W1631)
Oil on canvas, 89 x 92 cm.
Private collection
Bassin aux nymphéas, les iris d’eau (W1632)
Oil on canvas, 89 x 100 cm.
Private collection
Bassin aux nymphéas et sentier au bord de l'eau (W1633)
Oil on canvas, 89 x 100 cm.
Private collection

Three excellent views of the painter's garden at Giverny. The chosen viewpoint allows Monet to divide the limelight between the water lilies, the Japanese bridge and the luxuriant vegetation growing on the banks of the pond.

About the estimate: "Bassin aux nymphéas et sentier au bord de l'eau" was auctioned in 1998 for $29.5 million¹, a record for a Monet painting that would stand for a decade. As a reference for the increase in value of these paintings by Monet, consider the following cases: a more horizontal "Le bassin aux nymphéas" was sold for $9.9 million in 1998², and for $24.7 million in 2010³. More recently, a "Coin du bassin aux nymphéas", auctioned in 1997 for $6.7 million⁴, was sold for $50.8 million in 2021⁵.

Note: the estimated price is for each of the works.

Meules, derniers rayons du soleil (W1272)
Oil on canvas, 73 x 92 cm.
Private collection
Meules (W1273)
Oil on canvas, 73 x 92 cm.
Private collection

"And suddenly, for the first time, I saw a painting," Kandinsky wrote after a Monet exhibition in Moscow, "I read in the catalogue that it was a haystack, but I could not recognise it (...) I realised that the object of the painting was missing (...) What I was perfectly aware of was the unsuspected and hitherto hidden strength of the palette”. Monet's series of "haystacks", of which these two canvases are possibly the most expressive of all, played a fundamental role in the development of pictorial abstraction at the beginning of the 20th century.

About the estimate: The canvas with catalogue number W1273 was auctioned in 2019 for $110.7 million¹, setting a new record for a work by Monet. “Meules, derniers rayons du soleil”, of comparable quality, was auctioned in London for £10.1 million in 2001².

Note: the estimated price is for each of the works.

Oil on canvas, 100 x 200 cm. each
Private collections (Wildenstein catalogue numbers: 1890 and 1894)

These two paintings are two of the four large canvases painted by Monet in 1919, and are considered among the most important paintings dedicated to water lilies, as evidenced by the fact that Monet did not destroy them or leave them unfinished, the fate of most of the paintings created by the artist in his last years. The third work in the series is in the Metropolitan Museum, and the fourth was cut into two fragments.

About the estimate: the canvas with catalogue number #1894 was auctioned in 1992 for more than $12 million ¹, a remarkable price considering the market crisis at the time. It was acquired by Paul Allen, whose collection (most of it) was auctioned in 2022, obtaining historic results above all expectations, which adds to the value of the work. Meanwhile, the canvas with catalogue number #1890 was auctioned in 2008 for some $80.4 million², breaking all records for the artist's price at the time. More recently, a “sketchier” "Nymphéas en fleur" was auctioned for almost $85 million³.

Note: the estimated price is for each of the works.

Oil on canvas, 92 x 90 and 89 x 92 cm.
Private collections (Wildenstein catalogue numbers: 1510 and 1514)

The paintings in which Monet depicts both the Japanese bridge and the water lily pond are among the most famous of his career, such as the "Harmony in Green" in the Musée d'Orsay.

About the estimate: In 1998, another important view of the Japanese bridge, "Bassin aux nymphéas et sentier au bord de l'eau", was sold for a stunning $33 million¹. Ten years later, a "nympheas" canvas was sold for $80.6 million². More recently, Monet has surpassed the $100 million mark³.

1. "The silent boom", published by artnet.com, 1998.
2. "Monet masterpiece sells for £41 million / $80.5 million" - theartwolf, June 2008
2. "Art Market Review · year 2019" - theartwolf, December 2019

Note: the estimated price is for each of the paintings.

Panorama (1955)
Oil and wax crayon on canvas, 254 x 340.4 cm.
Daros Collection, Zurich

Cold Stream (1966)
Oil and wax crayon on canvas, 200 x 252.1 cm.
Collection Marguerite and Robert Hoffman

The "blackboard" paintings, which Twombly created from 1966 to 1971, of which "Cold Stream" is one of the earliest and most prominent examples, are arguably Twombly's greatest contribution to late 20th century abstraction. But these works had an important precedent in a group of paintings that the artist created in his New York studio in the mid-1950s, which were destroyed by the artist himself shortly after completion, with the exception of "Panorama". This work shows, in a way, Twombly developing his own language, which he would show in all its splendour in the series that would begin with "Cold Stream".

About the estimate: Two paintings from the "blackboard" series, of lesser importance than "Cold Stream", broke the record prices for the artist when they were auctioned for $69.6¹ million and $70.5² million in 2014 and 2015. The steady rise in the price of contemporary art, coupled with the enormous importance of these two paintings, suggests that their value could exceed $100 million if they were to come on the market.

Oil on canvas, 190 x 122 cm.
image: © Artists Rights Society (ARS), NY
Private collection (David Geffen?)

Between 1966 and 1970, Barnett Newman created a series of four paintings, now considered among the most important of his career, entitled "Who's Afraid of Red, Yellow and Blue", in reference to the famous play "Who's Afraid of Virginia Woolf?". This painting, the first of all and the only one still in private hands, was created, in Newman's words, "as a ‘first’ painting, unpremeditated (…) It was at this moment that I realized that I was now confronting the dogma that color must be reduced to the primaries, red, yellow and blue".

About the estimate: sold by S.I. Newhouse to David Geffen in the early 1990s for an unpublished sum¹. Comparable in importance to "Black Fire I", sold in 2014 for $84.2 million², breaking by far the auction record for the artist.

Acrylic on canvas, 289.5 x 213.3 cm
image: © Artists Rights Society (ARS), NY
Private collection

"Black Fire I" is one of the most famous of Newman's "zip" paintings, in which a single vertical line organises the composition. Newman began his cycle of zips with "Onement I" (New York, MoMA), and after a heart attack in 1957 and the death of his brother George in February 1961, he created a series of black and white zip paintings, of which "Black Fire I" is a paradigmatic example.

About the estimate: sold in 2014 for $84.2 million¹, beating by far the auction record for the artist.

1. Christie's New York, 13 May 2014

Acrylic on canvas, 243.8 x 548.6 cm
image: © Artists Rights Society (ARS), NY
Collection Reinhard Onnasch

Between 1953 and 1955, Barnett Newman produced a series of paintings in which the colour aqua, a pale shade of blue, predominates. "Uriel" was the last and largest of these paintings, a monumental work that conveys a sense of both calm and uneasy.

About the estimate: similar in size and importance to "Anna's Light" (see separate entry), sold in 2013 for $105 million¹. "White Fire I", another work from the "aqua" series, much smaller than this one, broke the record price for the artist in 2002².

1. For example, artcash.com
2. Christie’s New York, 13 November 2002

Oil on canvas, 270 x 850 cm.
image: © Artists Rights Society (ARS), NY
private collection

Barnett Newman was one of the great masters of "Color Field" painting. "Anna's Light" is the largest work ever created by the artist, a posthumous tribute to his mother.

About the estimate: sold for $105 million in 2014, according to some sources¹. This does not seem an unreasonable figure for this painting, considering that "Black Fire 1", a less important work, fetched $84.2 million in May 2014². Interestingly, when "Anna's Light" came up for auction in 1985, no buyer offered the $700,000 minimum price³. 

1. For example, artcash.com
2. "Barnett Newman commands art auctions, May 2014"
3. "Modern paintings sold" - The New York Times, November 6th, 1985

Oil on canvas, 81 x 60 cm.
Pulitzer collection

An undisputed masterpiece of the purest Cubism by Picasso, who in 1910 painted a group of exceptional portraits of art dealers: the portrait of Daniel-Henry Kahnweiler (Art Institute, Chicago), that of Ambroise Vollard (Pushkin Museum, Moscow), and the one pictured here, perhaps the finest example of Picasso's analytical Cubism in private hands.

About the estimate: despite the very high prices fetched by Picasso's works in recent times, very few of them deserve the label of masterpiece. And the portrait of Wilhelm Uhde is undoubtedly a masterpiece. However, Picasso's Cubist works do not seem to attract the market's interest in the same way as his paintings from the Rose Period or his portraits of Marie-Thérèse. Despite this, “Femme assise”, a less important painting painted in 1909, sold for £43.2 million ($63.5 million)¹ in 2016.

Oil on canvas, 201 x 140 cm.
Private collection (formerly Ganz collection)

After World War I, and until his first contributions to Surrealism in the late 1920s, Picasso adopted a neoclassical style, in line with the "Return to Order" prevalent in Europe at the time. However, he also painted a group of works that continued the development of synthetic Cubism, the most famous being the two paintings of "Musicians with Masks" (New York, MoMA; and Philadelphia Museum of Art). Among them, "The Bird Cage" is an exuberant late-Cubist tour-de-force that is among the artist's most vibrant works.

About the estimate: coming from the celebrated Ganz collection, the painting was auctioned for $15.4 million¹ in 1988, doubling the previous record for the artist, although it would be far surpassed the following year by several works from the Blue and Rose periods.

Oil on canvas, 236 x 167.5 cm.
Dmitry Rybolovlev Collection

A spectacular example of Picasso's late Cubism, midway between Synthetic Cubism and Surrealist Cubism, and one of the many 'Picassos' involved in the famous and controversial "Bouvier Affair".

About the estimate: sold by Sotheby's to Yves Bouvier in April 2011 for some 57 million euros, subsequently resold by Bouvier to Rybolovlev for almost 100 million euros ^{1 2}. By style and relevance comparable to "Femme assise" (now in the collection of the Metropolitan Museum), sold at the famous Ganz auction for $24.8 million³ (for reference, at that auction "The Women of Algiers" fetched $31.9 million, being subsequently sold - see separate entry - for $179 million in 2015)

Oil on canvas, 151 x 100 cm.
Private collection, Switzerland

One of the earliest works of Picasso's "African Period", in which stylistic traits of the Rose Period are still discernible. In style and scale, the work is directly related to the Metropolitan Museum's more famous "Deux femmes nues".

About the estimate: a work of great importance, belonging to a key period in the artist's career. A comparable work, although smaller and depicting a single figure ("Nude Woman Combing Her Hair"), was acquired in 1982 by the Kimbell Art Museum for some $4 million¹, then the second highest price ever paid for a work by Picasso.

1. Suzanne Muchnic, "Odd Man in: Norton Simon and the Pursuit of Culture", 1998.

Although the African inspiration is evident, this painting is a complex work, in which -unlike the work of the same year in the Goulandris collection (see separate entry)- traces of the Rose Period style are still visible.

About the estimate: this is a painting of great importance, one of the very few notable works from Picasso's "African Period" in private hands, even though it does not reach the audacity of the aforementioned work from the Goulandris collection. As an indication of the importance of this period, a very small and not very attractive "Head of a Woman" (1906) was valued in 2015 at $27 million¹, and -going back further in time- the Kimbell Museum paid in 1982 some $4 million (then a very high price for a work of modern art, not far from that paid the previous year for 'Yo, Picasso') for his "Nude Combing Her Hair"². It has a remarkable provenance, having belonged to the collection of Joseph Pulitzer Jr. Today it remains in private hands³.

1. “A Picasso worth $27 million is seized by customs officials in France” – CNN, August 4^th 2015.
2. “Major Picasso painting sold to Texas Museum” – New York Times, August 26^th 1982.
3. Christel H. Force, “Pioneers of the Global Art Market: Paris-Based Dealer Networks, 1850-1950”, 2020

About the estimate: paintings from Picasso's Blue Period rank among the most desirable of the painter's career. An example is the $55 million paid in 2000¹ for "Femme aux Bras Croisés". "Les Misérables" is a more important painting, with the added advantage of belonging to one of the most respected private collections of modern art in the world.

1. Christie's New York, November 8, 2000.

In his biography of Picasso, John Richardson identified this smoking youngster with "P'tit Louis," a local actor who died at a very young age. The portrait, one of the highlights of Picasso's Rose Period, marked a milestone in the auction world. Although the name of the buyer remains secret, some sources point to Guido Barilla, the Italian pasta magnate.

About the estimate: Sold for $104.1 million in New York, 2004 (then an auction record - pre-sale estimate of around $70 million)¹ It can be argued that, although the importance of this painting does not reach that of "Les Noces de Pierrette", its better state of conservation, coupled with the mystique of having been at the time the most expensive painting ever auctioned (albeit without taking inflation into account) could make this the most valuable painting of the Blue and Rose Periods in private hands. 

1. Sotheby's New York, May 5th 2004, lot 7

Oil on panel, 47 x 37 cm.
Prince of Liechtenstein Collection, on deposit at the Liechtenstein Museum, Vienna.

This painting has traditionally been attributed to Raphael by experts such as Bernard Berenson and Roberto Longhi, although there are also dissenting voices. Those who support the attribution to Raphael consider it to be a work of his youth, noting its similarity to another portrait of a man in the Galleria Borghese.

About the estimate: as has been said for other Old Master paintings included in this list, support for the attribution to the master is essential. Raphael's "Portrait of Lorenzo di Medici" was auctioned in 2007, then with many doubts about its attribution, for £18.5 million¹ ($37.3 million). In the case of this painting, the critics who support the attribution to Raphael seem to outnumber those who reject it, and its exceptional provenance (in the Liechtenstein collection since 1823) would be an attraction in the event of a hypothetical sale.

1. Christie's London, July 5 2007.

About the estimation: one of the most difficult valuations of this entire list. As in the case of the Leonardo da Vinci paintings discussed above, doubts about its attribution determine the wide range proposed. The painting was sold for £18.5 million in 2007¹, still with serious doubts about its attribution despite Christie's optimism. Since then, critics seem inclined to accept this painting as a genuine Raphael. It was included as authentic in the exhibition "The Last Raphael" at the Museo del Prado in 2012², and in "The Medici: Portraits and Politics", organized by the Metropolitan Museum in 2021³. If the attribution is confirmed, this painting could be considered one of the three or four most important old master paintings in private hands, and its value could reach or exceed $200 million. As a reference for the value of Raphael's unanimously attributed works, a small drawing ("Head of a Muse") was auctioned for $47.9 million⁴ in December 2009.

1. Christie's London, "Important Old Master and British Pictures (Evening Sale)", July 5 2007, lot 91.
2. See the exhibition catalogue, number 54.
3. See the exhibition press release, "Raphael’s sumptuous portrait of Lorenzo de’ Medici, from a private collection..."
4. "Important drawing by Raphael sold for £29 million"

About the estimation: sold for $49.5 million in 1999¹, just one day after "Nu au fauteuil noir" (see separate entry) sold for $45.1 million².

1. Sotheby's New York, November 10, 1999.
2. Christie's New York, November 9, 1999.

About the estimation: sold for about $95 million at Sotheby's New York, May 2006¹, at the time one of the highest prices ever paid for a painting at auction. Picasso's paintings, even the later works, have clearly increased in value, as demonstrated by the record sale of "The Women of Algiers" for nearly $180 million in 2015².

1. Sotheby's New York, Impressionist & Modern Art Evening Sale, May 2006, lot 14 
2. Christie's New York, "Looking Forward to the Past" Evening Sale, New York, May 11, 2015, lot 8A

Note: estimation is for each of the paintings

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 finest madonnas, such as the "Bridgewater Madonna", rank among the most recognizable images of the Italian Renaissance. The simple but strong composition and the graceful face of the virgin are stunning. In "The Holy family with a palm tree", the figures and the landscape show the influence of Leonardo da Vinci

About the estimation: We have grouped both paintings together, since the following considerations apply to both. "Madonna of the Pinks", another smaller "Madonna" by the same artist (and whose attribution was not unanimous) was acquired by the UK for 35 million pounds in 2004¹. No major painting unanimously attributed to Raphael has appeared on the market for at least 50 years, which suggests that the market price of any of these works (whose attributions have never been questioned²) is extraordinarily high. For reference, a drawing by the artist, "Muse's Head" was auctioned for $47.9 million³ in December 2009.

1. "A lot of pounds for a few pinks" - Published: The Telegraph, October 24th 2005
2. Satoko Inokuchi: "Recent Conservation Practices in the National Galleries of Scotland: A Survey of Italian Paintings in the 15th and 16th Century"
3. "Important drawing by Raphael sold for £29 million"

Oil on canvas, 81 x 58 cm.
Private collection

The melancholy figure in the painting depicts an inmate of the Saint-Lazare hospital and prison. The simple, austere and pessimistic composition is typical of the works painted by Pablo Picasso at the beginning of his Blue Period.

About the estimate: sold for $55 million in 2000¹, then an auction record for a painting by Pablo Picasso.

Gouache on cardboard, 105 x 76 cm
Niarchos Collection

An excellent composition by Picasso, midway between the artist’s Blue and Rose Period. While the circus theme clearly belongs to the Rose Period, the tones used and the melancholic expressions of the characters refer to the earlier Blue Period.

About the estimate: auctioned for $38.35 million in 1988¹ (then a record for a 20th century work of art), and acquired by the Mitsukoshi group in the zenith of the “Japanese collecting fever” of the late 1980s. It was later resold to the Niarchos family for a lower price  (£12 million GBP according to some sources)² during the recession of the early 1990s. Artistically it is one of the most interesting "pre-African" works by Picasso in private hands, but the fact that it is a painting on cardboard could damage its valuation.

Oil on canvas, 154.8 x 66.1 cm
Nahmad Collection

The work belongs to Picasso's Rose Period, although stylistically it has echoes of the more melancholic and pessimistic Blue Period. In fact, far from the harlequins and acrobats present in other Picasso paintings of the same year, it is very likely that the young woman portrayed in this work, whose identity is unknown, was an underage prostitute.

About the estimate: auctioned for $115 million in 2018¹, coming from the celebrated Rockefeller collection. Being one of the most important paintings of the Rose Period in private hands, the price achieved can even be considered "modest", so it is possible that the "crudeness" of the subject represented in the painting has influenced the final price achieved.

1. Christie's New York, May 8, 2018.

Oil on canvas, 73.5 x 60.5 cm.
Private collection

One of Picasso's first masterpieces, a vigorous self-portrait created in Paris at the very beginning of the artist's famous "Blue Period".

About the estimation: Sold for $47.9 million in 1989 (then the highest price ever paid for a work by Picasso, and one of the top five highest paid for any painting at auction¹. As a reference for the value of this work, "Au Lapin Agile", one of the masterpieces of the Blue Period, was auctioned that same year for $40.7 million². However, the appreciation of Picasso's works from the Blue Period may not be comparable to that of -for example- his sensual works of 1932. Consider, for example, the portrait of Ángel Fernández de Soto, sold in 1995 for £18 million, and in 2010 for £34.7 million³, while "La Rêve" (1932) was sold for $48.4 million in 1997⁴ and for $155 million in 2013⁵ (see separate entry).

1. "'Yo Picasso' Brings $47.9 Million at Sotheby's" - New York Times, published May 10, 1989
2. "Picasso's "Au Lapin Agile" Auctioned for $40 Million - Los Angeles Times, published November 16, 1989
3. Christie's London, June 23, 2010
4. "Prized Picasso Leads the Ganz Collection to a Record Auction" - The New York Times, November 11, 1997.
5. "Steven Cohen buys Picasso's 'Le Rêve' for $155 million"

Oil on canvas, 99.5 x 81.5 cm
Collection Six, Amsterdam

A magnificent portrait by Rembrandt, painted during one of the artist's most fruitful creative periods, in which he painted, among others, "The Night Watch", his great masterpiece and one of the most famous paintings in the history of Western art.

About the estimate: previous entries have referred to various prices and valuations for Rembrandt's works, from the $200 million¹ paid in December 2021 for "The Standard Bearer", or - as an example of less famous works - the $60 million² at which the "Portrait of a Man with Arms Akimbo" was valued in 2015. However, it should be noted that this work belongs to a very specific (and hugely important) period in Rembrandt's career, of which very few examples have come on the market in recent decades.

Oil on canvas, 92.5 x 73.5 cm
Faringdon Collection Trust

The identity of the man portrayed remains a mystery. Once considered a portrait of Jan Six (see separate entry for the sensational painting still in the Six collection), today many critics are inclined to identify it with Pieter Six, Jan's older brother.

About the estimate: portrait of great importance, although far from that of the aforementioned portrait by Jan Six (see separate entry). As a reference for the value of Rembrandt's late portraits, consider that "Portrait of a Man with Arms Akimbo", a work of lesser importance and of disputed attribution until relatively recently, was offered at TEFAF 2011 for some $47 million¹ and, once donated to the Etherington Art Centre, was valued in 2015 by the dealer Otto Naumann at some $60 million².

Oil on canvas, 79 x 65 cm.
Duke of Buccleuch, Drumlanrig Castle

One of the most famous of Rembrandt's late works, bold and intimate, in which the enigmatic use of light and shadow makes it seem as though the old woman portrayed is being - literally - illuminated by the book she is reading

About the estimate: as mentioned in the corresponding entry, the "Portrait of Jan Six" (painted a year before this work) was valued around 2003 by Otto Naumann "at more than $150 million"¹ (and today it would possibly double that estimate). Although this work does not reach the extraordinary level of the one mentioned above, it is a magnificent painting, created by Rembrandt at the height of his late period, and with an unbeatable provenance. The enormous value of Rembrandt's great works was confirmed with the purchase of "The Standard Bearer" (or "The Standard Bearer") by the Dutch State for some $200 million² in 2021.

Oil on canvas, 52.7 x 42.7 cm.
Duke of Sutherland collection (on loan to the National Gallery of Scotland)

This canvas, painted when the artist was over 50 years old, is one of the best self-portraits ever created, a honest, sincere and ruthless portrait of an artist who had never shown mercy to himself

About the estimation: As it was said in previous entries (see for example "Jan Six") Rembrandt's important works are highly sought after, as demonstrated in 2016 by the sale of two portraits by the artist for around $200 million¹ and then with the sale of another self-portrait for a similar price².

oil on canvas, 79 x 102.3 cm.
Marquess of Normanby collection

"Judas returning the 30 pieces of silver" is possibly Rembrandt's first masterpiece, along with "The Painter in his Studio" in the Museum of Fine Arts, Boston. In this religious scene, the artist already displays his masterful use of light/shadow and his personal use of perspective as a narrative tool.

About the estimation: Auction record for a religious scene by Rembrandt is $25.8 million ("Saint James the Greater", in 2007¹) but the comparison with that painting is meaningless, as this is a much more important work. A much, much smaller (just 16 x 21cm) religious scene by Rembrandt -"Abraham and the Angels"- was offered for sale at Sotheby's in January 2021 with an estimate of $20/30 million, but it was finally withdrawn for the auction². Beyond these "minor" works, Rembrandt's important works are highly sought after, as demonstrated in 2016 by the sale of two portraits by the artist for around $200 million³.

Oil on panel, 102.8 x 78.8 cm.
Duke of Devonshire Collection, Chatsworth

A famous work by the Dutch master (painted three years before his great masterpiece, "The Night Watch"), and one of the jewels of Chatsworth house's art collection. The identification of the man in the painting has been discussed for decades.

About the estimation: not only is it a remarkable work by Rembrandt, but also the fact that it belongs to the Chatsworth Collection would certainly increase the value of this important work. Another work by the collection (Raphael's "Head of a young Apostle") was sold for £29,7 million in 2012¹ against a pre-sale estimate of just £10-15 million. The artistic value of this painting is not far from that of "The Standard Bearer", acquired by the Dutch State for 150 million euros in 2021².

1. "Raphael drawing breaks records at Sotheby's"
2. "The Dutch State today announced its intention to purchase Rembrandt's The Standard Bearer (1636) for the national collection" - Rijksmuseum, December 8th 2021.

Oil on canvas, 100 x 84 cm.
Earl of Halifax Collection

An excellent portrait painted by the artist in his youth, at a time when, after the death of Giovanni Bellini, he would become the great beacon of Venetian painting and "the sun amidst small stars", as he would later be known.

About the estimate: on display for decades in the National Gallery in London, during the early years of the 21st century fear grew of a possible sale to a foreign buyer, and according to various sources the National Gallery in London offered some £55 million for the painting in 2006¹, an offer rejected by its owner. Three years earlier, the Getty Museum had acquired another great portrait by Titian, the "Portrait of Alfonso d'Avalos"², for a price close to $70 million.

Oil on canvas, 114,6 x 192,5 cm
Duke of Wellington Collection, on deposit at Aspley House

Long considered a copy, this painting was restored in 2014 at the Museo del Prado and accepted as the original version commissioned from Titian by Philip II. It is one of Titian's finest and most sensual "poesies" -inspired by Ovid's Metamorphoses- the extraordinary quality of which suggests that the painting was largely executed by Titian himself, possibly with little intervention from his workshop.

About the estimate: there are few sales precedents that can be used to assess the value of this masterpiece. Between 2009 and 2012, the United Kingdom managed to acquire two excellent "poesies" by Titian, "Diana and Callisto" and "Diana and Actaeon", for around £100 million¹, thanks to a favourable financial agreement with their owner, although prices as high as £300 million² were suggested if the paintings were to come on the open market. In 1992, the Getty Museum acquired his "Venus and Adonis" (already dubious at the time, and today largely considered a work from Titian's workshop) after the painting was auctioned for $13.5 million³ (one of the highest prices paid during the recession of the early 1990s). Further back in time, "The Death of Actaeon" was auctioned in 1971 for the extraordinary price of £1.7 million, then one of the highest ever paid for a painting⁴.

Oil on canvas, 90 x 150.7 cm.
Duke of Sutherland collection (on loan to the National Gallery of Scotland)

"The Three Ages of Man" (or "Allegory of the Three Ages of Life") is an early masterpiece by Titian, in which the influences of Giorgione and Giovanni Bellini are still discernible. The painting belonged to the fabulous Orleans Collection, before passing into the hands of the Duke of Sutherland, who keeps it on loan to the National Galleries of Scotland.

About the estimation: a masterpiece by Titian, and that is a big word. "Diana and Callisto", another exceptional work by the painter (even more famous and important than the one illustrated here) was bought by the UK for £50 million in 2009¹ but valued (on the open market) at £150 million². On the open market, Titian's great masterpieces could fetch extremely high prices. For example, the Getty Museum paid, in 1993, $13.5 million for a "Venus and Adonis" attributed to the painter³ (one of the highest prices paid for a painting during the recession of the 1990s), and $70 million for the portrait of Alfonso d'Avalos in 2003⁴.

Oil on canvas, 100 x 60 cm.
Private collection

In contrast to the more explicit eroticism of his "reclining nudes", in "La Belle Romaine" Modigliani presents a more demure composition, which enhances the beauty of the sitter's face, one of the most attractive ever painted by the artist.

About the estimate: sold in 1999 for $16.7 million¹, and in 2010 for $68.9 million², in both cases an auction record for the artist.

Oil on canvas, 81 x 116 cm
Private collection

One of the largest nudes painted by Modigliani, in which it is easy to see the influence of African masks on the face of the sitter.

About the estimate: As noted in previous posts, Modigliani's reclining nudes rank among the most sought-after paintings on the art market. The composition, in which the sensual female figure appears against a deep red background, inevitably recalls the work sold in 2015 for $170 million¹, but also "La Belle Romaine" auctioned in 2010 for $69 million².

Oil on canvas, 65 x 100 cm.
Agnelli collection, Pinacoteca Giovanni e Marella Agnelli

One of the most original and accomplished of Modigliani's "reclining nudes," considered among the most famous and controversial nudes in the history of painting.
We thank Muhammad Dzamar Reza for suggesting us this painting. 

About the estimate: painted the same year as the "Nu Couché" auctioned in 2015 for $170 million¹, and of similar dimensions, albeit it is not as celebrated a painting as the one acquired by Liu Yiqian.

Note: open market valuation. However, Italian law may require an export license.

Oil on canvas, 65 x 100 cm.
Private collection

One of the most original and accomplished of Modigliani's "reclining nudes," in which the artist resorts to foreshortening to reinforce the sensuality of the figure portrayed.

About the valuation: painted the same year as the "Nu Couché" auctioned in 2015 for $170 million¹, and of similar dimensions, albeit it is not as celebrated a painting as the one acquired by Liu Yiqian.

Oil on canvas, 176.5 x 150.8 cm.
image: © Artists Rights Society (ARS), NY
Ex-Paul Allen Collection

An undeniably beautiful canvas by Rothko painted in 1956, a year in which the artist created some of his most famous compositions, including the “Orange and Yellow” from the Albright-Knox Art Gallery.

About the estimate: sold for $14.3 million in 2000¹ -then an auction record for the artist- to Paul Allen. The Allen provenance has proven to be highly appreciated by collectors, as the $1.5 billion auction of part of his collection showed in 2022. In 2012, art critic Blake Gopnik valued this canvas at $80 million².

Oil on canvas, 288.9 × 171.5 cm.
image: © Artists Rights Society (ARS), NY
Private Collection

The importance of "No 1 (Royal Red and Blue)" was recognised by Rothko himself, being one of eight paintings chosen by the artist to be included in his major exhibition at the Art Institute of Chicago in 1954.

About the estimate: sold for $75.1 million in 2012¹, then the second highest price (without taking inflation into account) achieved for a work by Rothko.

Acrylic on canvas, 236.2 x 206.4 cm.
image: © Artists Rights Society (ARS), NY
Private Collection

A late work by Rothko, created a few months before his series of murals at Harvard. Six years after it was painted, it was acquired by the celebrated collector David Pincus, in whose collection it remained until its sale in 2012.

About the estimate: sold for $86.9 million in 2012¹, breaking the record price for a painting by the artist.

Oil on canvas, 230 x 137 cm
image: © Artists Rights Society (ARS), NY
Private Collection

Created in 1951, a crucial year in Rothko's career, “No. 6” is notable for its unusual combination of colours. The painting was chosen as the cover of the artist's catalogue raisonné, published by David Anfam in 1998.

About the estimate: the painting was one of the major protagonists of the "Bouvier Affair". Acquired by the art dealer Yves Bouvier for around 80 million euros (about $105 million) in 2014, it was later resold to Dmitry Rybolovlev for 140 million euros ($186 million)¹, one of the highest prices ever paid for a work of art. While the price paid by Rybolovlev to Bouvier is clearly exaggerated, the more than $100 million paid by Bouvier demonstrates that this is a work of enormous value, although euphoria must be contained in the face of the more recent sale of "No. 7" (a work comparable in date and importance) for less than $100 million².

Oil on canvas, 295.3 x 256.9 cm
image: © Artists Rights Society (ARS), NY
Private Collection (Francois Pinault?)

Known as "No. 2," "No. 7," and "No. 20," and dated sometimes 1950 and sometimes 1951, this spectacular painting is one of the finest works painted by Rothko in his 1950-1952 heyday, in which the artist insists on employing a thin band of darker tone to separate the large masses of color.

About the estimation: formerly in the collection of Paul Mellon¹ and acquired by François Pinault, who exhibited it at the Palazzo Grassi in Venice in 2006. In many ways it is a more important and attractive work than "No. 6 (Violet, Green and Red)", the painting of the same year acquired by Yves Bouvier for 80 million euros in 2014², and resold shortly thereafter to Dmitry Rybolovlev for an absurdly high price. 

1. David Anfam: "Mark Rothko: The Works on Canvas", Volume 1
2. "The Billionaire, the Dealer, and the $186 Million Rothko", Bloomberg, 27 de abril de 2015.

Oil on canvas, 295 x 232,4 cm
image: © Artists Rights Society (ARS), NY
Private Collection

One of Rothko's finest works painted in his 1950-1952 heyday. As in "White Center" (1950), the masses of vivid color are separated by a thinner black band, which would virtually disappear in later works by the artist.

About the estimation: no sales records since it was acquired from C&M Arts in the mid-1990s¹. Comparison with "White Center," the work sold for $72.8 million in 2007² (then a record for a Rothko) is inevitable. In many ways it is a more important and attractive work than "No. 6 (Violet, Green and Red)," the painting of the same year acquired by Yves Bouvier for 80 million euros in 2014³, and resold shortly thereafter to Dmitry Rybolovlev for an absurdly high price.

1. David Anfam: "Mark Rothko: The Works on Canvas", Volume 1
2.  Sotheby's New York, Contemporary Art Evening Sale, May 15th 2007, lot 31.
3. "The Billionaire, the Dealer, and the $186 Million Rothko", Bloomberg, 27 de abril de 2015.

Oil on canvas, 213.4 x 141 cm.
image: © Artists Rights Society (ARS), NY
Al-Thani Family Collection, Qatar

Rothko painted "White Center (Yellow, Pink and Lavender on Rose)" in 1950, a key year in his career, culminating the liberation from all the formal burden present in earlier paintings that had begun in 1949, when Rothko had the opportunity to admire Matisse's "The Red Room" at MoMA. Before the sale, the painting belonged to the collection of David Rockefeller, grandson of the famous John D. Rockefeller.

About the estimation:  Sold for $72.8 million in 2007¹, then an auction record for Rothko. Since then, Rothko's works have risen in value, and "Orange, red, yellow" was auctioned for almost $87 million in 2012². In terms of importance and provenance, "White Center" could challenge "Yellow Expanse" (see separate entry) for the distinction of being Rothko's most important work in private hands.

1. Sotheby's New York, Contemporary Art Evening Sale, May 15th 2007, lot 31.
2. Christie's New York, Contemporary Art Evening Sale, May 8th 2012, lot 20.

Oil on canvas, 88.3 x 117.5 cm.
Private collection (New York?)

Turner at his best. The “dissolution of forms” appreciable in many of Turner’s last works was interpreted by numerous critics as the beginning of a dementia. Even Ruskin himself was quite disturbed by these works by Turner, who was sometimes forced to place nails in the frames so workers and viewers could identify the top and the bottom of the canvas. "Seascape, Folkestone" belongs to this group of bold paintings, almost bordering on abstraction, and is undoubtedly the artist's best work in private hands.

About the estimation: sold for 7.3 million pounds in 1984¹ (then a record for a painting). Since then, Turner's works have gained value, although not at the same level as that of modern or contemporary artists. In 1993, at the height of the market crisis, the Getty Museum paid $16 million for another Turner marine², and in the 21st century only two really important Turner works have come on the market: 'Modern Rome, Campo Vaccino' also acquired by the Getty Museum for $44 million³ at Sotheby's in 2010, and 'Rome from the Aventine Hill', sold for $47.4 million⁴ at Sotheby's in 2014. Our bet is that, in the event of a hypothetical sale, the importance and rarity of this work, coupled with the "mystique" of having been at the time the most expensive painting in history, would make its sale price well above that of the previously discussed views of Rome.

1. For example, see "Turner Painting Sold for Record $10 Million" - Washington Post, July 6th 1984.
2. "Getty's Turner Seascape Is Making Waves" - L.A. Times, published February 24th, 1993
3. "Getty Museum acquires JMW. Turner’s "Modern Rome" - theartwolf.com
4. "Turner’s ‘Rome, from Mount Aventine’ sells for £30.3 million" - theartwolf.com

Tempera on panel. Diameter: 115 cm.
Prince of Liechtenstein Collection, on display at the Liechtenstein Museum.

An excellent tondo by Botticelli, similar in scale (though with a less developed composition) to his famous "Madonna del Magnificat" in the Uffizi Gallery. The figure of the Madonna (typically beautiful as in all the artist's great works) is curved to fit the circular shape of the tondo, allowing us to appreciate the care Botticelli has taken in depicting the dress.

About the estimate: the most recent reference for a major work by Botticelli on the market is the $92 million¹ paid in 2021 for "Portrait of a Young Man holding a Roundel". However, it seems more appropriate to go back to the £20 million (or $25 million) offered in 1999 by the Kimbell Art Museum for another Madonna by Botticelli², of a similar date to this one, albeit with a simpler composition. More recently, the colossal auction of Paul Allen's collection included another "tondo" of smaller size and attributed to "Botticelli and workshop", which was auctioned for $48.5 million³.

Oil on panel, 120 x 145 cm.
Niarchos Collection

Painted at the zenith of El Greco's career, created almost at the same time as "The Martyrdom of Saint Maurice" or the famous "The Nobleman with his Hand on his Chest". Although at first sight it seems that the composition does not depart from the traditional representation of the Pietà, the almost total absence of depth and the energy of the colours bring this painting closer to the pictorial avant-garde of the early 20th century.

About the estimate: acquired by Stavros Niarchos in 1955 for some $400,000¹, a very notable price for the time. The £57,000 (about $150,000) that the National Gallery (with the help of the Art Fund) paid that same year for Velázquez's "Old Woman Frying Eggs"² can serve as a reference. No work by El Greco of this importance remains in private hands, as the "Annunciation" in the Fundación Santander is largely attributed to his son Jorge Manuel.

Note: the estimated price corresponds to each of the paintings.

Oil on canvas, 288 x 497 cm and 289 x 515 cm
Prince of Liechtenstein Collection, on display at the Liechtenstein Museum

Rubens, "the Homer of painting", was the most grandiloquent and prolific of the Baroque masters. The group of paintings depicting the life of the Roman consul Decius Mus was his first pictorial cycle, and today is considered one of his greatest artistic achievements (Reinhold Baumstark defined them as "one of the greatest glories of the Liechtenstein collection"). Acquired in 1693 by the Prince of Liechtenstein, the group of works has remained in the princely collection ever since. "The Death of Decius Mus” and “The Funeral of Decius Mus” are the two canvases that close the cycle of paintings, and they are also the two largest and -unquestionably- the two works with the greatest narrative tension.

About the estimate: there is no precedent for Rubens' works of this importance on the modern market. But the prices of two works of smaller scale and ambition can give an idea of the extraordinary value of these paintings. "The Massacre of the Innocents" (1611-1612, 148 x 182 cm) was auctioned for £49.5 million¹ ($86 million) in July 2002 (then one of the highest prices ever paid for a painting), and "Lot and His Daughters" (1613-1614, 190 x 225 cm) was auctioned for £44.9 million² ($58.1 million) in July 2016. Monumental, striking and of impeccable provenance, these paintings would be two of the star pieces in any collection of old master paintings, public or private.

Oil on canvas, 501 x 351 cm.
Prince of Liechtenstein Collection, on display at the Liechtenstein Museum

This monumental canvas was commissioned for the high altar of the Carthusian church in Brussels, and acquired by the then Prince of Liechtenstein in 1643. Rubens had already painted the subject of the Assumption of the Virgin in other monumental works, such as the one still on display at the high altar of the Cathedral of Our Lady in Antwerp, which is slightly smaller than this painting.

About the estimate: as noted for other works by Rubens (also in the Liechtenstein collection), the prices achieved for two works of smaller scale and ambition can give an idea of its extraordinary value. "The Massacre of the Innocents" (1611-1612, 148 x 182 cm) was auctioned for £49.5 million¹ ($86 million) in July 2002 (then one of the highest prices ever paid for a painting), and "Lot and His Daughters" (1613-1614, 190 x 225 cm) was auctioned for £44.9 million² ($58.1 million) in July 2016. As with all late works by Rubens, the possibility of intervention by the artist's studio must be considered, which would reduce the value of the work. In this regard, the Liechtenstein Museum notes that "the pictorial bravura suggests that Rubens painted the picture entirely himself".

Oil on panel, 124 x 98 cm
Prince of Liechtenstein Collection

In this excellent and sensual masterpiece, as in another painting of the same subject now at the Thyssen Museum, Rubens draws inspiration from Titian to create his personal interpretation of the classical subject of Venus before the mirror.

About the estimate: Although Rubens was a very prolific author, his really important works very rarely appear on the market, and when they do the prices achieved are in accordance with the importance of the artist. "Massacre of the Innocents" was auctioned for £49.5 million¹ ($86 million) in July 2002 (then one of the highest prices ever paid for a painting), and "Lot and His Daughters" was auctioned for £44.9 million² ($58.1 million) in July 2016. "Venus in the Mirror" is an absolute masterpiece, more desirable than the two works mentioned above, has a flawless provenance, and could be the star piece in many important collections of European painting.

Oil on canvas, 144 x 91 cm.
Duke of Westminster collection

Diego Velázquez´s "Prince Baltasar Carlos on horseback" has all the magnificence you can expect in a great baroque painting. It is a very good Velázquez, arguably his only masterpiece still in private hands, and it could be the centerpiece of any major museum able to persuade the Duke of Westminster to sell it

About the estimation: The works by Velázquez that have come on the market are extremely scarce. The only "great" Velázquez sold in "recent" times is "Juan de Pareja", bought by the Metropolitan in 1971 for $5.5 million¹, then the most valuable painting sold at auction. However, some doubts concerning to the attribution of the work² may affect its estimation.

Oil on canvas, 448 x 346.7 cm.
image: © Artists Rights Society (ARS), NY. Courtesy Christie's Images Ltd
Private collection

This enormous canvas is one of the largest portraits of the communist leader painted by Pop-Art icon Andy Warhol. Over the course of his career, Warhol painted 199 portraits of Mao in 5 different scales, many of which are in private collections, but this is the only "monumental" scale canvas not yet owned by a museum.

About the estimation: The painting was reportedly for sale, asking price (as of 2008): $120 million¹. We do not know if the sale ever came to fruition, although a price of over $100 million does not seem far-fetched for this painting: in 2015, Sotheby's auctioned one of 11 versions of "Mao" in a much smaller -82 inches tall- format for $47.5 million².

1. "Warhol `Mao' May Sell for Record $120 Million, Christie's Says", published by Bloomberg, May 6th 2008
2. "Sale Offers a Reason for Relief at Sotheby's" - The New York Times, November 12, 2015.

Oil on fiberboard, 112 x 86.5 cm
Ken Griffin collection
image © Artists Rights Society (ARS), NY

Painted at the height of the "golden period" of Jackson Pollock's career, his "drip" period from 1947 to 1950, "Number 17A, 1948" is one of the works that illustrated the now legendary article "Is Pollock the greatest living painter in the United States?" published by "Life" magazine in 1949.

About the estimation: sold for a staggering $200 million in 2015¹ along with Willem de Kooning's "Interchange", sold for $300 million. The price is really difficult to explain, as this painting is by no means comparable to the "Number 5" sold for $140 million in 2006. Nevertheless, it is a very good drip, to which having appeared in the aforementioned 1949 publication may add some value.

1. " Billionaire Ken Griffin Paid $500 Million for Pollock, De Kooning Paintings" - The Wall Street Journal, February 25, 2016

Oil on canvas, 142.2 x 99 cm
Private collection
image © Artists Rights Society (ARS), NY

A powerful canvas by Jackson Pollock, painted at the end of the "golden period" of the artist's career, his "drip" period (1947-1950).

About the estimation: sold for $11.6 million in 1989, although prices as high as $20 million¹ had been suggested before the sale. For reference, at the same sale another important Pollock, "Number 19, 1949", sold for just $4 million¹.

1. "Contemporary Art Sale Nets $78.6 Million" - Los Angeles Times, May 3rd, 1989.

Silkscreen on canvas, 224.8 x 214 cm.
The Brandt Foundation
image: © Artists Rights Society (ARS), NY

As in other works in the "Death and Disaster" series, in "Twelve Electric Chairs" Andy Warhol explores the morbid overexploitation of tragedy and violence by post-war American society. Warhol depicts the electric chair in various vivid shades, applying a deliberately banal make-up to an unmistakable symbol of death.

About the estimate: The high value of the works in the "Death and Disaster" series has already been mentioned in other entries. "Green Car Crash", comparable in size and importance to this work, sold for $71.7 million in 2007¹, then an auction record for Warhol, which would be surpassed by the $105 million² paid in 2013 for "Silver Car Crash", another painting in the "Death and Disaster" series. Most recently, "White Disaster [White Car Crash 19 Times]" was auctioned at Sotheby's for $85.4 million³, perhaps indicating that Warhol's "Disasters" have not increased in valuation as markedly as, for example, the celebrated "Shot Marilyns."

1. "Andy Warhol’s epic "Green Car Crash" sells for $71.7 million." - theartwolf.com
2. "Warhol's 'Silver Car Crash' sells for $105M at Sotheby's" - theartwolf.com
3. Sotheby's New York, November 16th, 2022.

Silkscreen on canvas, 228,6 x 203,2 cm
Collection Philippe Niarchos
image: © Artists Rights Society (ARS), NY

"Green Car Crash" is one of the most striking paintings in Warhol's "Death and Disasters" series, depicting an actual (and fatal) car crash in Seattle in 1963.

About the estimate: sold for $71.7 million in 2007¹, then an auction record for Warhol, to be surpassed by the $105 million² paid in 2013 for "Silver Car Crash", another painting in the "Death and Disasters" series. Most recently, "White Disaster [White Car Crash 19 Times]" was auctioned at Sotheby's for $85.4 million³, perhaps indicating that Warhol's "Disasters" have not increased in valuation as markedly as, for example, the celebrated "Shot Marilyns."

1. "Andy Warhol’s epic "Green Car Crash" sells for $71.7 million." - theartwolf.com
2. "Warhol's 'Silver Car Crash' sells for $105M at Sotheby's" - theartwolf.com
3. Sotheby's New York, November 16th, 2022.

“When you see a gruesome picture over and over again,” Warhol once said, “it doesn’t really have any effect.” With this idea in mind, Warhol created his series of works known as "Death and Disaster", of which "Silver Car Crash" is one of the largest and best known.

About the estimation: Sold for a record $105,4 million in November 2013¹. "Green Car Crash (Green Burning Car I)" was sold for $71.7 million in 2007², then also an auction record for Warhol. Most recently, "White Disaster [White Car Crash 19 Times]" was auctioned at Sotheby's for $85.4 million³, perhaps indicating that Warhol's "Disasters" have not increased in valuation as markedly as, for example, the celebrated "Shot Marilyns."

1. "Warhol's 'Silver Car Crash' sells for $105M at Sotheby's" - theartwolf.com
2. "Andy Warhol’s epic "Green Car Crash" sells for $71.7 million." - theartwolf.com
3. Sotheby's New York, November 16th, 2022.

Casein and wax crayon on cotton, 170.2 x 132.1 cm
Steve Cohen Collection
image: © Artists Rights Society (ARS), NY

Superman is not only the quintessential comic book superhero, but also one of the main icons of American Pop Art, having been painted by artists such as Andy Warhol, Roy Lichtenstein and Jasper Johns. In Warhol's case, this is one of his first fully "Pop" paintings.

About the estimate: sold in 2004 by Gunter Sachs to Steven Cohen for around $30 million¹, then the highest price paid for a Warhol work. By 2006-2007, Warhol's most important works experienced a huge increase in valuation. For reference, in 2004 "Mustard race riot", a major painting from Warhol's "Death and Disaster" series was auctioned at Christie's for $15.1 million², while "Green Car Crash", a comparable work from the same series, fetched $71.7 million in 2007³.

Acrylic on canvas, 195 x 113.6 cm.
image: © Artists Rights Society (ARS), NY
Mugrabi collection

This painting, like what is arguably Andy Warhol's most famous work (the Tate's "Marilyn Diptych"), studies the theme of repetition on the most iconic of the images created (or "appropriated") by the painter (the Marilyn Monroe on an orange background)

About the estimate: sold to Jose Mugrabi for $3.96 million in 1988¹, then a record for a Warhol work. For reference, "Shot Red Marilyn" (see separate entry) was auctioned the following year for $3.6 million².

Polymer and graphite on canvas, 209.6 x 266.7cm.
image: © Artists Rights Society (ARS), NY
Private collection

"210 Coca-Cola Bottles" is the largest of all the paintings Andy Warhol dedicated to the iconic soda bottle. For Warhol, the Coca-Cola bottle was -like his even more famous Campbell's soup cans- a perfect icon for his repetitions: "all the Cokes are the same and all the Cokes are good. Liz Taylor knows it, the President knows it, the bum knows it, and you know it".

About the estimate: "210 Coca-Cola Bottles" was the first Warhol work to break the million-dollar barrier, auctioned for $1.4 million at Sotheby's in 1988¹, after which it came close to being sold privately for $4.6 million². Sold in 1992 -at the height of the art market crisis- to Thomas Ammann for $2.1 million³. Since then, as already mentioned, the price for Warhol's works has grown exponentially. As a reference, "200 One Dollar Bills", a work that "repeats" a theme less popular in Warhol's oeuvre than his Coca-Cola bottles, was auctioned in 2009 (at the height of an even stronger economic crisis) for $43.8 million⁴. A painting of a single Coca-Cola bottle, also painted in 1962, was auctioned for $57.2 million in 2013⁵.

Oil on canvas, 182.9 x 254.6 cm
image: © Artists Rights Society (ARS), NY
John and Kimiko Powers collection

The largest work of Warhol's iconic "Campbell's Soup" series. The painting was exhibited, along with other works from the John and Kimiko Powers collection, at the National Art Center in Tokyo in 2013, when it was described as "one of Andy Warhol's most important paintings."

About the estimation: "200 one dollar bills" was sold for $43.8 million in 2009¹ (a respectable price considering the market situation in that year), but works from "Campell's Soup Cans" are much more famous and coveted. As proof of this, in 1996 the Museum of Modern Art paid $15 million (then a record for a Warhol work) for his "Campbell's Soup Cans."²

1. "Warhol artwork sells for $43.8m", BBC News, published November 12th 2009
2. Martin Dean, "The Story of Andy Warhol’s 'Campbell’s Soup Cans'", published by Sotheby's, March 13, 2018

Oil on canvas, 101.6 x 101.6 cm.
Niarchos collection
image © Andy Warhol / ARS Nueva York

Warhol's portraits of Marilyn Monroe rank among the most iconic artworks ever created. The "Shot Marilyns" are four square canvases 40 inches a side that were shot by performance artist Dorothy Podber (1932-2008) at the mythical "The Factory" in Manhattan. "Red Marilyn" is, after the orange version, the most iconic of the four paintings.

About the estimation: in 1989, the "Red" canvas was sold for $4.1 million¹. 9 years later, the "Orange" painting was sold for $17.3 million². And nine years later, the "Turquoise" canvas (the only one that was not shot by Dorothy Podber) was sold for a rumoured $80 million³. In 2018, it was said that the Orange Marilyn was sold for "over $200 million"⁴. In 2022, one of the two blue versions (a background usually less attractive to the market) was auctioned for $195 million⁵ (including commissions).

Oil on canvas, 101.6 x 101.6 cm.
Ken Griffin collection (formerly S. I. Newhouse Collection)
image © Andy Warhol / ARS Nueva York

Warhol's portraits of Marilyn Monroe rank among the most iconic artworks ever created. The "Shot Marilyns" are four square canvases 40 inches a side that were shot by performance artist Dorothy Podber (1932-2008) at the mythical "The Factory" in Manhattan. "Orange Marilyn" is without a doubt the most iconic of the four versions.

About the estimation: in 1989, the "Red" canvas was sold for $4.1 million¹. 9 years later, the "Orange" painting was sold for $17.3 million². And nine years later, the "Turquoise" canvas (the only one that was not shot by Dorothy Podber) was sold for a rumoured $80 million³. In 2018, it was said that the Orange Marilyn was sold for "over $200 million"⁴. In 2022, one of the two blue versions (a background usually less attractive to the market) was auctioned for $195 million⁵ (including commissions).

Acrylic on canvas, 200 x 1050 cm.
Private Collection

One of the largest paintings ever created by Andy Warhol. Another version of the same painting, painted in 1979 and of identical dimensions, is on display at the Guggenheim Museum in Bilbao.

About the estimation: Reportedly for sale at Art Basel 2011, priced at $80 million, and withdrawn after an early serious offer¹, making the seller (Galerie Bruno Bischofberger) reconsider selling the painting for that price.

1. Scott Reyburn at Bloomberg, published June 15th 2011.