In with the old.
Stung by losses on contemporary art, collectors are increasingly looking backward for quality and value, as demonstrated by the sale of a 15th-century triptych by an unidentified Flemish artist for nearly $8 million last week.
“This is a swings and roundabouts market,” said one art adviser, who acknowledged to The Art Newspaper greater client interest in the Old Masters but said it was too soon to tell whether the shift would endure.
The field boasts only a few “brand” names, lesser-known artists’ works don’t always appreciate in value, and there’s rarely fresh material. For example, the Flemish triptych hung in its original location for centuries before the owners decided they couldn’t afford to continue insuring it.