Collecting Focus: Old Masters

Sotheby’s London is soon to auction some remarkable examples of a genre finding renewed relevance with buyers of all tastes, writes Katie Armstrong

Pieter Brueghel the Younger’s “The Census at Bethlehem,” a key lot at Sotheby’s Old Masters London sales series in December 2025. Photograph: Sotheby’s

What defines an Old Master? While highly prized—and priced—at auction, this collecting category is actually wider than you might imagine, spanning multiple artistic periods and geographies. At Sotheby’s, the category includes works produced in Europe between the 13th and 19th centuries, from the great Italian and Dutch schools to those of Scandinavia, Bohemia, Germany, Spain and beyond. 

This diversity extends to medium and subject. Old Masters could be paintings on canvas, copper and panel, but also sculpture, drawings and other works of art, while subjects range from portraiture and still lifes to devotional scenes and depictions of daily life. 

“There is a lot of room for developing a niche collecting interest,” says Elisabeth Lobkowicz, head of department, Old Master paintings at Sotheby’s London, which will hold its annual Old Masters sales series from December 3-5, 2025. “Most of my enthusiasm for the category comes from showing people just how relevant and fashionable these works can be.”

Thanks to this breadth and depth, the category is a stalwart of auction houses worldwide. The foundations of the modern art market were built on the buying and selling of great collections, which frequently included works by artists such as Rembrandt, Titian and Leonardo da Vinci. 

Botticelli’s “Portrait of a young man holding a roundel,” which sold for $92.2 million in 2021. Photograph: Sotheby’s

Starry names still fetch the highest prices when the hammer falls. In 2021, Sotheby’s New York sold Sandro Botticelli’s “Portrait of a Young Man Holding a Roundel” for an astonishing $92.2 million, shattering the previous record for the early Renaissance artist. 

When evaluating what makes an Old Master special, its provenance, condition and when it last came to market also come into play. And just like any category, there are trends. “We are finding that collectors outside our traditional collecting category are responding to elegantly chic portraits and refined still lifes at the moment,” says Lobkowicz. “Works by female artists, such as Élisabeth Louise Vigée Le Brun and Angelika Kauffmann, have become especially sought-after in recent years too.”

Provenance can be an important hook for collectors. Tracing the history of ownership is exciting, and discovering that a work once hung in the home of a prominent historical figure only enhances its appeal. Provenance research also ensures that early 20th-century ownership is clear, helping to avoid restitution issues linked to Nazi-era looted art. 

While the process can be time-consuming, clues to an artwork’s history often lie close to home. “There’s a wealth of information on the back of an Old Master painting, whether it be old inventory labels or auction stencils and inscriptions,” explains Lobkowicz. “You can pull together quite a significant amount of provenance simply by turning a painting around.”

The Old Masters and 19th Century Paintings evening sale exhibition at Sotheby’s London, July 2025. Photograph: Sotheby’s

As to the condition of these works, which are sometimes up to 800 years old, first-time buyers may be understandably cautious about their delicacy, but Lobkowicz reassures otherwise. “I always encourage collectors to really engage with these objects: look closely, understand them, even touch and smell them,” she says. “You can live with them and love them. They’ve survived for centuries—many are not as delicate as you might imagine. You can absolutely hang them on your wall and enjoy them every day.”

Certain conditions dictate display choices, of course. Wooden panels can become warped in humid environments and drawings need to be kept out of direct sunlight. Media such as canvas and copper are far more forgiving, says Lobkowicz, who urges collectors not to be overly cautious or hide away their masterpieces in storage. 

“You should absolutely live with Old Masters as they can be real centerpieces on a wall. I love seeing them in conversation with contemporary works or within contemporary settings,” she says. “Old Masters have a way of visually transcending their surroundings.” 

The Old Masters and 19th Century Paintings evening sale at Sotheby’s London, July 2025. Photograph: Sotheby’s

London’s upcoming Old Masters sales provide the perfect opportunity to explore the category. One highlight is an extraordinarily rare winter scene—apt for the time of year—painted by Pieter Brueghel the Younger, depicting Joseph with Mary on a donkey in Bethlehem. It is a large-scale work from a private collection and has not come to market for at least 40 years. “The details are captivating—it is simply a spectacular work,” Lobkowicz says.Another standout lot is Hans Eworth’s portrait of Thomas Howard, 4th Duke of Norfolk (c.1563), from the Rothschild collection. Norfolk is presented in a suave and dapper manner that is highly unusual for English portraiture of the time. A large triptych from St Johns’ Almshouse in Sherborne, England by an unknown artist offers another opportunity to purchase a rare work. Painted more than 500 years ago, it was concealed during the religious turmoil of 16th-century England, preserving it in exceptional condition.

The St Johns’ Almshouse triptych, to be auctioned at Old Masters London in December 2025. Photograph: Sotheby’s

Such stories behind Old Master works are part of their timeless appeal. “I always like to imagine how many other people have looked at these paintings. How many other walls have they hung on? How many stories have they heard?” Lobkowicz asks. “They are witnesses to so many lives, including our own.”

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