El Greco, The Annunciation, via Sotheby’s

The past week of Old Masters auctions in New York has concluded with a series of successful auctions at both Sotheby’s and Christie’s this week, bringing respectable sums that set the stage for the next two weeks of Modern and Contemporary Works at both houses.  Notably more subdued than last year’s competitive sales, a number of works still managed to drive the auctions beyond their anticipated figures.  Sotheby’s capped a series of well-attended auctions that brought in a total sum of $71 million, while Christie’s closed a series of auctions bringing in just over $65 million. (more…)

Sotheby’s is currently facing a lawsuit from a past customer, who discovered that a work he had purchased through the auction house was reportedly once owned by Herman Goering, the Nazi leader recognized as the founder of the Gestapo.  The piece, an 18th century painting by Louis-Michel van Loo, was sold in 2004, but was unable to be resold when questions arose about how Goering acquired the piece.  The plaintiff, Steven Brooks, claims that Sotheby’s sold the work fraudulently, knowing about its questionable origins, as well as knowing that the work would be difficult to resell. (more…)