Sotheby's Old Masters auction disappoints despite Botticelli highlight

Sotheby's Master Paintings and Sculpture Part I sale on January 27 in New York fell short of expectations, with Sandro Botticelli's 'The Man of Sorrows' selling for $45.4 million (including fees) against a $33 million estimate, far below the hype. The work, one of the few Botticellis in private hands, had generated buzz due to a hidden Madonna drawing beneath the paint. Despite auctioneer David Pollack's efforts, bidding was limited to two phone lines. The sale total exceeded $90 million, but half came from the Botticelli; masterpieces by Bellini and Correggio went unsold. The article argues Old Masters operate in a distinct market, immune to trends that drive contemporary art, and face competition from new sectors like NFTs and prehistoric fossils, such as a Tyrannosaurus rex sold by Christie's in 2020 for $31.8 million and an Egyptian Old Kingdom sculpture that fetched nearly $10 million at the same Sotheby's sale.