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The price of the painting skyrocketed from $14,000 to $14 million upon discovery of its true authorship by Rembrandt, a 1000-fold increase
When "Adoration of the Kings," an oil painting attributed to a member of Rembrandt's circle, was initially offered for sale in Amsterdam by Christie's in 2021, it was estimated to be worth around $14,000. However, at a recent auction held by U.K. collector Sotheby's in December last year, the work was reidentified as a genuine Rembrandt, leading to a staggering price increase to $14 million. This transformation in appraisal occurred just two years after its last sale.
Experts used X-ray analysis and infrared imaging and consulted several leading Rembrandt scholars during an extensive 20-month examination.
Some bidders were not convinced and no one bid at the auction on Dec. 6. However, the painting was backed by a secret guarantor at a price of $13.8 million.
The buyer had agreed to pay the price before the auction in December, which meant that they would receive the painting unless a higher bid came in.
According to Sotheby's 62-page catalog, the small-scale painting first came to light in 1955 when it was acquired by J.C.H. Heldring in Amsterdam.
Source: Newsroom
3 min read
