A drawing of a foot just sold for $27 million

Slow turnover, thin bidding!

July 07, 2026By James Crichton

Old Masters have a reputation: the sleepy corner of the art market. Slow turnover, thin bidding, works that trade once a generation. That’s the story, anyway.

So I ran Arthur’s Top Surprises at Auction for 2026 year to date — Old Masters (born before 1821) only, at Christie’s, Sotheby’s, and Phillips — expecting quiet. Instead, the top five lots all sold for 12 to 16 times their estimates.

The headliner: Michelangelo’s Study for a foot of the Libyan Sibyl, $27.2 million at Christie’s — 1,454% of estimate. A preparatory drawing. Of a foot.

But the lot that tells the real story is smaller. After Titian, An oak tree in a landscape, sold for $215,900 at Christie’s — 1,627% of estimate. It’s not even an autograph work. It’s a copy. Same with Follower of Hieronymus Bosch, Hell, at $537,600 — 1,244% at Sotheby’s. Rounding out the five: Ambrosius Francken at 1,373% and a calligraphy attributed to Zhang Jizhi at 1,255%.

One trophy lot going wild is an auction-room story. Copies and followers beating estimates by twelve times is a market story. Bidders are coming back to old material — and the estimates haven’t caught up yet.

You can run this yourself in about a minute: open Arthur, go to Analytics → Top Surprises at Auction, filter by period, auction date and house, then sort by Estimate %.

— James

Arthur is free on iOS and Android, and at arthuranalytics.com.

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