Sotheby's UK prevailed recently in a court dispute over an Old Master attribution. At the heart of the dispute was a painting entitled The Cardsharps, which Sotheby's attributed to a follower of Michelangelo Merisi da Caravaggio (1571-1610) and sold for £42,000 in 2006 on behalf of consignor, Lancelot Thwaytes.
Authentic Caravaggio
Since that 2006 sale, it has been determined that the work was actually painted by Caravaggio himself, and thus valued at £10M. The attribution comes from renowned collector and Caravaggio expert, the late Sir Denis Mahon, who declared that the painting was in fact a Caravaggio from 1595.
Litigation
After news of the value of the painting hit the press, Thwaytes commenced a negligence lawsuit against Sotheby's for failing to consult with Caravaggio experts. Sotheby's defended the suit on the grounds that many specialists had not agreed on the Old Master attribution (and some specialists are still not convinced that it is a true Caravaggio).
Ultimately the court in the recent case concluded that Sotheby's was not negligent in conservatively attributing the painting to a follower of Caravaggio rather than a direct attribution to the famous artist. According to reports, the court noted that it was reasonable to conclude that the quality of the artistry was not sufficiently high enough to link to the artist himself. Importantly, the court did not make the determination that the painting was not a true Caravaggio; rather the court merely concluded that Sotheby's was not negligent. The Thwaytes case may not be closed yet as it has been reported that he is considering appealing the court's decision.
Reasonable Minds Differ
The court's decision is proof that reasonable minds can and do differ. The stakes are high when it comes to art. Consignors may be advised to seek authentication from independent experts before taking a work to the auction block to ensure that the painting is properly attributed and marketed for sale.
Competitive Bidding – Substitute for Expert Analysis
Interestingly enough when I worked in auctions there were a few times when an unassuming item offered on the block would sky rocket above and beyond the high end auction value (two undecorated stoneware jars (drab looking to me) come to mind that turned out to be authentic Revolutionary War era pottery valued at over $20,000, which was significantly higher than the $200-400 estimate, which accounted only for the decorative value only). But this is the beauty of public auctions because when even the auction experts miss it (which can happen when a large estate is cataloged for a quick sale), the art connoisseurs know. All you need is two willing knowledgeable buyers to determine the true value of a work.
Thanks to all underbidders!
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