The highlight of Sotheby’s Old Master and British works on paper sale on July 4 was Lake of Lucerne from Brunnen, a late watercolour by JMW Turner (1775-1851). It was commissioned by Elhanan Bicknell as a companion piece to Blue Rigi, which fetched £5.2m at Christie’s in 2006, still a record for a Turner watercolour. Estimated at £1.2m- 1.8m, it sold at £1.7m to a private buyer.
The July Old Master auctions in London were a mixed affair with the lack of blockbuster lots meaning the overall total was down on the levels of the last two years.
Sales at Sotheby’s, Christie’s and Bonhams raised a combined £91.1m (including premium) with one day sale still to finish as ATG went to press. This figure was £118.5m in 2017 and £123.2m in 2016.