A rare masterpiece by Italian early Renaissance master Cimabue that was discovered in a French kitchen sold for 24 million euros (US$26.6 million) on Sunday, about five times the initial estimate.
The Acteon auction house did not identify the winning bidder for the painting, Christ Mocked, at the sale in Senlis, outside Paris.
The selling price, which included costs, smashed the initial estimate of between 4 million and 6 million euros. Bidding began at 3 million euros, with only three of the eight bidders present at the auction.
Photo: Reuters
It is the first time in decades that a painting by Cimabue, a pioneering primitive painter who lived from 1272-1302 and is also known as Cenni di Pepo, has gone under the hammer.
Acteon said the figure was the highest ever reached for a medieval painting and the eighth-highest ever reached for a medieval or old master painting.
The highest figure ever reached for a painting was the US$450 million paid for the Salvator Mundi attributed to Leonardo da Vinci and sold at auction in 2017.
Experts last month announced the sensational discovery of the painting by Cimabue, which was owned by a woman in the northern French town of Compiegne. She had it hanging between her kitchen and her sitting room.
She believed it was merely an old religious icon when she took it to the auctioneers to be valued.
The tiny unsigned work, measuring just 26cm by 20cm, was found to be in excellent condition, although covered in grime from having been displayed right above a cooking hotplate.
Art experts at Turquin in Paris used infrared reflectology to confirm that the piece is part of a larger diptych from 1280, when Cimabue painted eight scenes of the passion and crucifixion of Christ. Each of the two panels in the diptych had four scenes.
Separately, a rare 1950s Patek Philippe timepiece is coming up for sale in a Christie’s auction in Hong Kong that risks taking place against the backdrop of the political demonstrations that have hit sales of new watches.
The 18-carat pink gold Patek Philippe has a rare translucent blue enamel dial and is known by the name of the 177-year-old Milan-based shop where it was sold, Gobbi.
The estimate is US$7 million to US$14 million, which Christie’s said is the highest for any wristwatch offered in an auction.
The sale is scheduled for Nov. 27, and it continues a trend in which auctioneers increasingly offer prestigious lots in Asia, to tap demand by collectors in China, the world’s largest market for Swiss watches.
Christie’s yesterday showed the timepiece along with other lots to journalists in Hong Kong to drum up interest.
Additional reporting by Bloomberg
Napoleon Osorio is proud of being the first taxi driver to have accepted payment in bitcoin in the first country in the world to make the cryptocurrency legal tender: El Salvador. He credits Salvadoran President Nayib Bukele’s decision to bank on bitcoin three years ago with changing his life. “Before I was unemployed... And now I have my own business,” said the 39-year-old businessman, who uses an app to charge for rides in bitcoin and now runs his own car rental company. Three years ago the leader of the Central American nation took a huge gamble when he put bitcoin
Demand for artificial intelligence (AI) chips should spur growth for the semiconductor industry over the next few years, the CEO of a major supplier to Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said, dismissing concerns that investors had misjudged the pace and extent of spending on AI. While the global chip market has grown about 8 percent annually over the past 20 years, AI semiconductors should grow at a much higher rate going forward, Scientech Corp (辛耘) chief executive officer Hsu Ming-chi (許明琪) told Bloomberg Television. “This booming of the AI industry has just begun,” Hsu said. “For the most prominent
PARTNERSHIPS: TSMC said it has been working with multiple memorychip makers for more than two years to provide a full spectrum of solutions to address AI demand Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday said it has been collaborating with multiple memorychip makers in high-bandwidth memory (HBM) used in artificial intelligence (AI) applications for more than two years, refuting South Korean media report's about an unprecedented partnership with Samsung Electronics Co. As Samsung is competing with TSMC for a bigger foundry business, any cooperation between the two technology heavyweights would catch the eyes of investors and experts in the semiconductor industry. “We have been working with memory partners, including Micron, Samsung Memory and SK Hynix, on HBM solutions for more than two years, aiming to advance 3D integrated circuit
NATURAL PARTNERS: Taiwan and Japan have complementary dominant supply chain positions, are geographically and culturally close, and have similar work ethics Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and other related companies would add ￥11.2 trillion (US$78.31 billion) to Japan’s chipmaking hot spot Kumamoto Prefecture over the next decade, a local bank’s analysis said. Kyushu Financial Group, a lender based in Kumamoto’s capital, almost doubled its projection for the economic impact that the chip sector would bring to the region compared to its estimate a year earlier, a presentation on Thursday said. The bank said that 171 firms had made new investments since November 2021, up from 90 in an earlier analysis. TSMC’s Kumamoto location was once a sleepy farming area, but has undergone
RSS