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TMCNet:  Artprice: The 'Toulouse Caravaggio' Will Be Sold To the Highest Bidder, Probably a Long Way From France

[January 08, 2019]

Artprice: The 'Toulouse Caravaggio' Will Be Sold To the Highest Bidder, Probably a Long Way From France

PARIS, January 8, 2019 /PRNewswire/ --

The 'Toulouse Caravaggio' will not be kept in France (along with the five canvases by the brilliant Baroque artist that it already has).

     (Logo: https://mma.prnewswire.com/media/644091/Artprice_Logo.jpg )

     (Photo: https://mma.prnewswire.com/media/805522/Artprice.jpg )

A month and a half after expiry of the official pre-emption period, the French State has officially declined to make an offer. Art appraiser, Eric Turquin, entrusted with the sale of the canvas, is now free to take the work beyond France's frontiers as he sees fit. He told Artprice and its president and founder thierry Ehrmann that after a global road show, the painting would probably be offered for sale at the end of spring 2019 in Toulouse where it all began. Auctioneer Marc Labarbe, originally contacted by the owners of the painting, may well be involved in this historic sale.

The value of such a work is of course difficult to estimate because there is nothing similar on the market. In 2016 a value of €120 million was announced, but that was before Leonardo da Vinci's Salvator Mundi fetched $450 million (incl. fees), illustrating the massive demand that exists for old masterpieces. The acquisition of this painting - which could well be the sister of a Caravaggio masterpiece conserved at Rome's Galleria Nazionale d'Arte Antica - will undoubtedly appeal to the world's biggest collectors, but also to the world's most prestigious museums.    

In recent years the Art Market has become an efficient and mature market, structured by the virtuous economy of the Museum Industry. In this context, Eric Turquin's brilliant strategy corresponds to that of the financial markets: the value of the work will be determined by the market rather than by a qualified expert. A public sale reveals the value of a work in the eyes of the public, but also in the eyes of the Art Market's key movers and shakers who advise the big collectors.

Mr. Turquin's sales strategy may well be similar to the one used for the sale of Raden Saleh's The Wild Bull Hunting (Banteng) (1855). The work was presented in Indonesia but was sold in the town of Vannes in Brittany by the auctioneer Ruellan on 28 January 2018. Far from the Art Market's major capitals, The Wild Bull Hunting was finally purchased by an Indonesian collector for over $11.1 million (€8,922,240), the highest price ever hammered for an artwork in Brittany).

The owners and Mr. Turqin's Appraisal activity have left the French State plenty of time to acquire the 'Toulouse Caravaggio'. The Louvre's experts were invited to discover the work very soon after its lucky discovery in an attic in Toulouse in 2014.

The Caravaggio's unique story, that Artprice has followed since the begining, has only just begun...

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About Artprice: 

Artprice is listed on the Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF. 

Founded by thierry Ehrmann (see Who's who certified Biography ) (c) https://imgpublic.artprice.com/img/wp/sites/11/2018/10/bio-2019-whos-who-thierry-ehrmann.pdf ).

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Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 700,000 artists. Artprice Images® gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice's art historians.

Artprice permanently enriches its databanks with information from 6,300 auctioneers and it publishes a constant flow of art market trends for the world's principal news agencies and approximately 7,200 international press publications. For its 4,500,000 members, Artprice gives access to the world's leading Standardised Marketplace for buying and selling art. Artprice is preparing its blockchain for the Art Market. It is BPI-labelled (scientific national French label) Artprice's Global Art Market Annual Report for 2017 published last March 2018: https://www.artprice.com/artprice-reports/the-art-market-in-2017

Artprice is associated with Artron Group the Chinese leader in the Art Market, its solid institutional partner. 

About the Artron Group: 

"Artron Art Group (Artron), a comprehensive cultural industrial group founded in 1993 by Wan jie, is committed to inheriting, enhancing and spreading art value. Based on abundant art data, Artron provides art industry and art fans with professional service and experience of quality products by integrated application of IT, advanced digital science and innovative crafts and materials. Having produced more than 60,000 books and auction catalogues, Artron is the world's largest art book printer with a total print volume of 300 million a year. It has more than 3 million professional members in the arts sector and an average of 15 million daily visits, making it the world's leading art website."

Artron's Web: http://www.Artron.net

Artprice's Contemporary Art Market Annual Report for 2017 - free access at: https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2017

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Contact: Thierry Ehrmann,  ir@artprice.com


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