Canaletto Painting Once Owned by UK Prime Minister Fetches £32M

In a historic auction held at Christie’s in London, a renowned painting by the Italian artist Canaletto, titled "Venice, the Return of the Bucintoro on Ascension Day," was sold for a record-breaking £27.5 million, which totals £31.9 million after auction fees. This sale, finalized on Tuesday, set a new benchmark for the artist, confirming his significance in the realm of art. The painting, created circa 1732, was notably hung in the residence of the UK’s first Prime Minister, Sir Robert Walpole, at Number 10 Downing Street during his leadership from 1721 to 1742.

Andrew Fletcher, the global head of Christie’s Old Masters Department, remarked on the significance of the sale, stating, "This extraordinary painting of the grandest and most familiar view of Venice, by the city’s most recognizable painter, dates to Canaletto’s finest period and is as notable for its illustrious provenance as much as for its impeccable condition." Fletcher emphasized that such a masterpiece rarely appears on the market, reinforcing the painting's status as a quintessential work by Canaletto.

Historically, this painting was last sold at an auction in Paris in 1993, where it fetched approximately 66 million French francs, the equivalent of £7.5 million at that time. The artwork was previously paired with another piece titled "Grand Canal from Palazzo Balbi to the Rialto," which was sold at Sotheby's in London in 2005 for £18.6 million, making it the previous record for a Canaletto piece. The recent auction price exceeded initial estimates of around £20 million, reflecting the increasing demand for historical art.

Canaletto, whose real name was Giovanni Antonio Canal, was born in Venice in 1697 and became a favored artist among British collectors. The exact means by which Sir Robert Walpole acquired this painting remains unclear; however, it is believed that his son, Edward, played a role in arranging the purchase after a visit to Venice.

The Feast of the Ascension, depicted in this painting, was a significant event in the Venetian calendar, traditionally celebrated until the fall of the Venetian Republic in 1797. During this event, the Doge of Venice used the official galley, the Bucintoro, to cast a ring into the sea, symbolizing Venice's enduring bond with the waters surrounding it.

This sale not only highlights the enduring legacy of Canaletto but also reflects the vibrant art market's appetite for historically significant works. As the art world continues to evolve, masterpieces such as this painting serve as reminders of the rich cultural heritage that influences contemporary collecting trends.