Art Markets: Spotlight on the Old Masters
In the constellation of artworks circulating on the market, what do we mean when we talk about “Old Masters” in relation to painting? How do you get started in a market where works rarely come up for sale? What are its key features and trends? What should you look out for when buying an Old Master? To answer these questions and more, our Head of Art Banking, Laurent Issaurat, met with Matthieu Fournier, Associate Director and Auctioneer of Artcurial and a specialist in Old Master and 19th-century art.
Associate Director of Artcurial and a specialist in Old Master and 19th-century art.
“Matthieu Fournier is Associate Director at Artcurial, where he specialises in paintings, drawings and sculptures by Old Masters and 19th-century artists. He works as an auctioneer at voluntary and judicial sales, and advises families and collectors in his areas of expertise. Matthieu joined Artcurial after qualifying as an auctioneer in 2006. He set up their Old Masters and 19th-Century Art department, establishing Artcurial as French leader in the field in the mid-2010s. Aided by a team of passionate art enthusiasts and extensive documentation, he works to generate interest in and appreciation of old masterpieces among art connoisseurs and future collectors.”
© Artcurial
Laurent Issaurat: What is meant by the term “Old Masters”?
Matthieu Fournier: In painting, it refers to the period from the birth of Western painting in Trecento Italy (1300s), with its emerging ideas of perspective and spatial depth, to World War I. The “Great War” brought about a seismic shift in Western culture, signalling the end of a golden age and the world that went with it. The Impressionists, the first “Modern” artists, are harder to classify as they straddle two periods. In fact, the name “Old” Masters itself is problematic. Nothing beautiful is ever old. Beauty is timeless. I think we should simply call them “Timeless Masters”.
Laurent Issaurat: Is it still possible to find works by the Old Masters, and at what price?
Matthieu Fournier: The Old Masters market is full of discoveries, with major artworks regularly “rediscovered”, many of them unsigned and under-documented. This market is one of scarcity. Museums regularly add to their collections, meaning that opportunities to buy Old Masters have become increasingly rare. Price-wise, important works can run from tens of thousands of euros to several million. London used to be the main marketplace until around a decade ago, but post-Brexit import and export complexities have dulled its appeal. New York is now dominant, but France is not far behind. We have always been a strong presence in the Old Masters market, and in auctions generally. In fact, “public” sales were already a regulated market in the 13th century, controlled by royal ordinance. French law is highly protective of both buyer and seller rights, with a growing body of case law to help resolve conflicts. With all its stars aligned, Paris looks set to continue expanding its share of the market.
Laurent Issaurat: How can buyers be sure an antique painting is authentic?
Matthieu Fournier: There are various ways, but the first is to ask a specialist, whose job it is to know. Authenticating a work is a lengthy process that requires painstaking research, technical expertise and careful consideration. We examine the documentation available, consulting libraries and archives. The number one attribute of an art expert is modesty. We must be capable of self-doubt and remaining objective about the work. Multiple versions of old paintings exist, including workshop versions and copies. The key is being able to identify the painting, and that means listening to its owner. The information they hold can provide clues about the history of the artwork, how it arrived in their family and any relationship they may have with the figures shown. All of this feeds into our authentication process.
Laurent Issaurat: What advice would you give to new collectors wanting to buy their first pieces of art?
Matthieu Fournier: Start with a small budget, to give yourself time to understand the market and see if old art is a genre where you can thrive as a collector . I recommend focusing on quality: choose works that are well catalogued, have been written about and are in good condition. It’s important to evaluate any paintings you want to buy in relation to their historical and artistic context. Visit a museum, for example, to see the period in which they were produced. And most importantly, don’t be afraid to ask for advice. Experts are there to guide you, whether at the time of purchase or throughout the period of ownership.
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