The estimate of the works is based on many facts, including its provenance and sale history Created: May 2008. Last updated: December 2017

In addition, we have created a fourth category, Museum choices , featuring those privately owned paintings that would probably not achieve prices over $100 million, but whose historical and artistic importance make them worthy of any major museum. We all know that market value and artistic value are not always correlated these days...

by ©theartwolf.com Not all Art masterworks are exhibited in the great museums of the world. Some of them belong to private Art collectors, an expensive and exclusive "hobby" that have experimented a notable increase over the last years. This list highlights the most valuable paintings still in private hands, divided in three categories:

Raphael Cartoons (such as this "St Paul Preaching in Athens") are owned by the Queen of England, and can be valued at over $500 million each . However, there is virtually zero chances of watching them on the art market.

Therefore, works from this collection (and other similar cases) will not appear in the following lists.

The most illustrative example is the Royal Collection , owned by the Queen of England. While there is still some debate about it, it is believed that most of the works of the collection (including masterpieces by Raphael, Caravaggio, Bruegel, and Rembrandt) are owned by the monarch personally. The Duke of Edinburgh once declared that the Queen was "perfectly at liberty to sell them". However, the scenario of the Queen selling one this masterpieces (specially on the open market) seems totally implausible.

The intention of the following lists is focusing on those paintings that could reallistically hit the market in the foreseen future. Therefore, some considerations and exceptions must be done when dealing with privately owned paintings, in the sense that not all "private collections" could realistically hit the art market.

While "privately owned" is often understood as the opposite to "museum owned", it must be noted that many American Museums (and -to a lesser extent- some European Institutions) are actually private institutions that could sell any of their artworks if the board of directors / trustees vote for that. In fact, deaccessioning (a.k.a. sale) of artworks by these museums happen every year. So, will the Met or the MoMA be selling some of its coveted masterpieces soon? While theoretically possible, that will not be happening in the foreseen future given the strict conditions for deaccessioning of works (read what the MoMA and the Met say about this). Therefore, works owned by museums are not included in the following lists.

Van Gogh's "Starry Night" (pictured left) or Picasso's "Les Demoiselles d'Avignon" (pictured right) could easily fetch a price between $500 million and $1 billion each if the Museum of Modern Art decided to sell them.

1. "Important Rembrandt for sale at TEFAF" - theartwolf, February 4th 2011 - read link at theartwolf 2. Artnet Magazine, March 7th, 2006 3. ArtNews, "The Most Wanted Works of Art", January 11th, 2003

Some "good" Rembrandts have appeared on the market recently, including "Portrait of a Man with Arms Akimbo" (offered at TEFAF for $47 million 1 ) or the "Minerva" (sold for $45 million) 2 . However, none of them are comparable to this masterpiece, valued (long time ago) by art dealer Otto Naumann "in excess of $150 million" 3 .

Not only the most important work by Rembrandt still in private hands, but also one of the best portraits from the Dutch Golden Era. In the 1650s Rembrandt created some of his most accomplished masterpieces, such as "Aristotle with a Bust of Homer" (1653, Metropolitan Museum) or "A Woman Bathing in a Stream" (1654, National Gallery).

Rembrandt van Rijn "Portrait of Jan Six", 1654 oil on canvas, 112 x 102 cm. Six Foundation, Amsterdam

At least 2 paintings by Picasso (see below) have been sold for over $150 million. Valued by some sources at $250 million 1 .

Hidden for decades in the private collection of Basil Goulandris, this is an extremely important Picasso, directly related to his masterpiece "Les Demoiselles d'Avignon", considered the most important painting of the 20th century.

1. For the Buccleuch Madonna, see "The Theft, Recovery and Forensic Investigation of Leonardo da Vinci’s Madonna of the Yarnwinder" - Martin Kemp, published 2014. 2. For the Lansdowne Madonna, try to find a good study by Marco Versiero in occasion of the exhibition of the "Madonna dei fusi" in Arezzo, Italy, from July to November of 2000.

There are similarities, but also a lot of differences, between the considerations regarding these two paintings and the ones around the now-famous "Salvator Mundi". While the attribution to Leonardo is subject to serious debate, these are two well-known paintings (specially the Buccleuch version). Basing on the complex underdrawing of the paintings, most critics agree that Leonardo had some kind of involvement in the creation of both versions 1 2 . The extent of this involvement, however, is still not clear. If future technical studies confirm a serious attribution to the master, any of this versions could become the first "half-billion dollars painting".

One of the most interesting debates about the authenticity of a work by Leonardo is the one involving the two versions of the original -allegedly lost- of the "Madonna dei fusi", also known as the "Madonna of the reel" or the "Madonna of the yarnwinder". One of them belongs to the Drumlanrig Castle collection in Scotland (stolen in 2003 and recovered in 2007) and another one previously in the Reford collection of Montreal, until it was reportedly sold to an American private collector.

"Madonna of the Yarnwinder" (Lansdowne Madonna), c-1499-1507 oil on wood, 50.2 x 34.6 cm. Private collection, New York

"Madonna of the Yarnwinder" (Buccleuch Madonna), c-1499-1507 oil on wood, 48.3 x 36.9 cm. Buccleuch collection (on loan to the National Galleries of Scotland)

1. Leonardo sells for $450 million - read link at theartwolf 2. "Potential buyers were being asked about $200 million for Salvator Mundi" - Bloomberg, July 9th, 2011 3. "Recently Attributed Leonardo Painting Was Sold Privately for Over $75 Million" - NY Times, March 3th, 2014 4. "Salvator Mundi and the mystery of the orb: is the world's most expensive painting a real Leonardo?" - The Telegraph, November 16th 2017 5. " Artistic license? Experts doubt Leonardo da Vinci painted $450m Salvator Mundi" - The Guardian, November 20th 2017

Time (and more technical studies) will tell if this artwork is really an undisputed painting by the most famous artist ever, or if, on the contrary, it becomes the "Theranos" of the art world by turning out to be the creation of a follower.

How much are collectors willing to pay for a painting whose attribution is still questionable? The answer, apparently, is $450M (Christie's, November 2017) 1 . The price was a huge shock for the art world, and not only because the work had been on the market not long before, and carrying a much more "reasonable" price tag (its owners, according to several sources, asked for $200 million 2 and -not finding a buyer- sold it for "over $75 million" to Yves Bouvier in 2012, who sold it to Dmitry Rybolovlev for $127.5 million 3 ) but also because many respectable experts 4 5 are still very unconvinced, to say the least, about its attribution.

In November 2017, "Salvator Mundi" sold for $450,3 million (including buyer’s premium) at Christie's New York, becoming the most expensive painting ever sold at auction. This stunning price reflects the extreme rarity of paintings by Leonardo da Vinci — there are fewer than 20 in existence acknowledged as being from the artist’s own hand, and all the undisputed ones are in museum collections.

Leonardo da Vinci is known to have painted a "Salvator Mundi" for King Louis XII of France. Considered lost by art experts for decades, one of its alleged "copies" was acquired by a group of art dealers in 2005, and reattributed (NOT unanimously) to Leonardo. In late 2011, this work was included in the exhibition "Leonardo da Vinci: Painter at the Court of Milan" at the National Gallery of London.

1. "Dr. Gachet Sighting: It WAS Flöttl!" - published by CultureGrrl at ArtsJournal, January 26th 2007

Sold for $82.5 million in 1990 (then an auction record, equivalent to almost $150 million now) Re-sold in the late 90s for an unknown price (some sources said $90 million in 1997) to an anonymous private collector. Possibly re-sold for $100 million 1 some years later.

The story about this famous and brilliant work resumes by itself the "Japanese buyer boom" of the late 80s and early 90s. The whereabouts of the painting are now unknown. Some sources places it in Europe, waiting for its return to the Art market

1. Several sources, including Forbes, The New York Post and Daily Mail

Unlike Picasso or Van Gogh, Cézanne is an artist whose great works appear very rarely on the art market. "Card players" is widely considered the best Cézanne in private hands. Reportedly sold to Qatar for $250 million in 2011 1 .

This is the last version of this famous composition by Paul Cézanne. The fabulous psychological intensity in the faces of the players make this painting a masterpiece of post-impressionist art

1. For example, see "Stolen '$100 million' Caravaggio recovered by police", published at The Telegraph, 28 June 2010.

(*) Open market valuation. However, due to Italian export restrictions it is possible that the painting can not be sold to a foreign buyer.

Works by Caravaggio rarely appear on the market. This is his only "monumental" work in private hands, and prices as high as $100 million 1 have been suggested for less important works by the artist.

This work is one of two paintings by Caravaggio of the same subject, commissioned by Cardinal Cerasi. The large painting was created in 1600, the same year in which Caravaggio completed one of his undisputed masterpieces, " The Calling of Saint Matthew ". Impressive in size and quality, this work ranks among the most important paintings by Caravaggio.

Sold privately -along with another Rothko and a Diebenkorn- in 2014. According to some sources, the price paid for the group was around $250-300 million 1

A monumental work by Rothko, formerly in the collection of Rachel Mellon

Sold for $78.1 million in 1990 1 . Resold for a lower price in a private sale, c.1998 2

Although it is only the smaller version of the famous painting exhibited at the Orsay, a lot of collectors would kill to be the owner of "the most beautiful painting of the XIX", in the words of some art critics

1. "Pollock's Number 5, 1948, sold for $140 million" - read link at theartwolf 2. For example, read article by Carol Vogel at The New York Times, published November 18th 2006

Sold for $140 million at a private sale, 2006 1 , which is the second highest price ever paid for a contemporary painting. The buyer was rumoured to be Mexican businessman David Martínez, though he later denied it 2

A stunning and important drip by Pollock, done on a sheet of fiberboard with brown and yellow paint over it

Sold for $51.67 million in Paris, 1989 1 . Sold to Dmitri Rybolóvlev in 2004-2005 for an undisclosed amount. Picasso's masterpieces have considerably increased their values: "Garçon a la pipe" was sold for $104 million in 2004 (world auction record), and "The dream" was about sold for a spectacular $155 million in 2013

The "Sleeping Beauty" of the art market, stored like a fine wine in a bank's vault since the early 90s. Arguably the best most fascinating in private hands, this painting is masterful in all senses, and concentrates all the magic, mystery and melancholy of Picasso's Blue and Pink periods

1. "Picasso's The Dream damaged by its owner" - read link at theartwolf 2. "Steven Cohen buys Picasso's 'Le Rêve' for $155 million" - read link at theartwolf

Sold for $48.4 million in New York, 1997. Almost sold privately for $139 million in 2006, but it was damaged by its previous owner (Steve Wynn) before the sale 1 . Sold in 2013 for $155 million 2 .

This sensual work is the best "mature" portrait by Picasso still in private hands, depicting his lover Marie-Therese Walter sitting on a red armchair with her eyes closed

Sold for $31,902,500 in 1997. Sold for $179.4 million -auction record for an artwork- in May 2015 1 .

One of the most important late works by Picasso, inspired in the masterpieces by Eugene Delacroix.

1. "Edvard Munch’s 'The Scream' sold for $120 million at Sotheby's" - read link at theartwolf

Sold for $119,9 million in 2012, then a world record for any painting at auction 1 . This work is a true icon, an extremely desirable painting. However, it is not the "prime" version (which can be easily valued at over $300 million)

"The Scream" is one of the most famous paintings in the world. Munch created four versions of this work (one tempera, two pastels and a litograph) and this version is the only one in private hands.

Sold for $170.4 million at Christie's New York, November 2015 1 . A record for the artist.

One of the most important and famous works by Modigliani, featured as the cover of many publications of the artist

Sold for $20.6 million in 1989 1 (then an auction record for a contemporary painting). Sold for a then-record $300 million in 2015, a price considered by many art critics to be excessive.

This 200.7 x 175.3 cm. canvas is arguably the greatest "classic" work by de Kooning in private hands, even better than the "Police Gazette" purchased by Mr. Cohen for $63 million in 2006

Sold for $137.5 million at a private sale, 2006 1 . By far the most important work by the artist in private hands.

This painting is the only "Woman" by Willem de Kooning still in private hands. One of this "women" has been chosen by theartwolf.com as one of the 50 masterworks of the history of painting

1. "A Russian billionaire loses big in art market". Vancouver Sun, March 2017. 2. "A $100 Million Mystery: A Russian, His Art, and His Big Losses". Bloomberg, February 23rd, 2017

Sold for $187 million to Dmitri Rybolovlev in 2013 1 . Then reportedly sold to an Asian buyer in 2015 for $170 million 2 .

This classical work by Klimt was seized by the Nazis during World War II.

Sold for $88 million in New York, 2006 1 . The "Adele Bloch-Bauer I" (now at the Neue Galerie in New York) sold for $135 million earlier that year. Sold to a Chinese buyer for $150 million in 2016 1 .

Second version of the more famous "Portrait of Adele Bloch-Bauer I". This appealing canvas was the star lot in a highly succesful auction in which four works by Klimt -including this- totalled a stunning $192 million

Sold for $40 - 50 million in 1998 in a private sale 1 . No other Kandinsky of such importance has been sold in recent times

One of the most important paintings still in private hands. With its impressive scale and its rich composition, the canvas is a quintessence of early abstraction.

Quietly purchased by the Niarchos family for a rumoured price of $80/90 million in early 90s 1 . A less important self-portrait by Van Gogh was sold for $71.5 million in 1998 2

Van Gogh's self portraits rank among the most famous images in the history of Western painting. This highly important work was previously in the collection of Leigh B. Block in Chicago

1. Sotheby's New York, May 10th 1989 2. "Gauguin's 'L'hômme à la hâche' realizes a world auction record" - read link at theartwolf 3. "Gauguin masterpiece reportedly sold for $300 million" - read link at theartwolf

Sold for $24.2 million in 1989 1 , then an auction record for the artist. Auction record for Gauguin is "just" $40.3 million for "L'homme à la hache", in 2006 2 ) but his "Nafea faa ipoipo?" sold for a stunning $210 million to the Qatar Museums in 2015 3 .

One of the handful of masterpieces by the artist still in private hands, this fascinating painting was painted one year after Gauguin's arrival in Tahiti.

Gauguin, Paul "Mata Mua (In Olden Times)", 1892 oil on canvas, 91 x 69 cm. Collection Carmen Thyssen-Bornemisza - on deposit at Museo Thyssen-Bornemisza

1. Gauguin's masterpiece reportedly sold for $300 million - read link at theartwolf 2. Lawsuit Reveals Gauguin Painting Was Not World’s Most Expensive. New York Times, July 3, 2017

Sold to Qatar for a reported $300 million in 2015. 1 . A record for any artwork at the time, and not very fair, according to many experts. In 2017, it was revealed that the price was really $210 million 2 .

The painting -one of Gauguin's most famous compositions- belonged to the Rudolf Staechelin Family Trust, and had been on loan to the Kunstmuseum Basel for decades.

Gauguin, Paul "When Will You Marry?", 1892 oil on canvas, 101 x 77 cm. Private collection, Qatar

1. "Secret $100 Million Cézanne Sale in Detroit", Artnet Magazine, published December 19, 2014 2. For example see the one sold for $100 million in 2014

There are at least other two works from these series in private hands, which can be estimated on the $80-100 million 2 .

A less masterful example of this series was sold for $100 million in 2014 1 . These two canvases, however, are supreme masterpieces, among the best examples in the whole series.

This series, along with "The Card Players", is widely recognized as Cézanne's greatest achievement. Like Hokusai in his "Thirty-six Views of Mount Fuji", Cézanne used different points of view in his “Montagne Sainte-Victoire” paintings, allowing the representation of the environs of the mountain.

These two works rank among the best depictions of the Mount Sainte-Victoire painted by Cézanne, similar to the one selected by theartwolf.com as one of the 50 masterworks of painting .

Cézanne, Paul "Le Mont Sainte-Victoire vu des Lauves", 1902-1906 oil on canvas, Henry and Rose Pearlman, New York (first) Private collection (second)

Image Author / work / owner theartwolf.com estimation References

Bacon, Francis

"Three Studies of Lucian Freud", 1969

oil on canvas, 198 x 442.5 cm.

image: © Artists Rights Society (ARS), NY

Elaine Wynn collection This great triptych by Bacon is right now the most expensive painting ever auctioned $120-160 million Sold for $142,4 million in November 20131, an auction record for any work of art. 1. Record-breaking Bacon, Christie's record-breaking sale - read link at theartwolf

Bacon, Francis

"Triptych, May-June 1973", 1973

oil on canvas, 198-442.5 cm.

image: © Artists Rights Society (ARS), NY

Esther Grether collection, Switzerland This monumental triptych (one of the three "Black Tryptichs" by Bacon) was created in memory of Bacon's lover, George Dyer $120-160 million Compare with "Triptych, 1976" (see below). This triptych was sold in 1989 for $6.3 million1, then an auction record for Bacon. 1. "Francis Bacon claims his place at the top of the market", The Art Newspaper, August 29th 2008

Bacon, Francis

"Triptych, 1976", 1976

oil on canvas, 198-442.5 cm.

image: © Artists Rights Society (ARS), NY

Private collection (Roman Abrahamovich?) One of the best works by Bacon in private hands, it draws on Ancient Greek mythology to express Bacon's personal tragedy $100-150 million Sold for $86.3 million in New York, May 20081. This stunning work is a true masterpiece 1. Sotheby's New York, Contemporary Art Evening Auction, May 14th 2008, lot 33.

Basquiat, Jean-Michel

"Boy and Dog in a Johnnypump", 1982

oil on canvas, 240 x 420.4 cm.

Peter Brant Collection (on loan to the Stephanie and Peter Brant Foundation) This stunning work is a neo-expressionist "tour-de-force", arguably the most powerful work by the artist. $110-160 million A not so great "Untitled" by the artist sold for $110.5 million at Sotheby's New York, May 2017.1. 1. Basquiat's Untitled sells for $110.5 million at Sotheby's - read link at theartwolf

Botticelli, Sandro

"The Story of Nastagio degli Onesti (forth episode)", c.1483

tempera on panel, 83 x 142 cm.

Private collection, Florence

The last panel of this important series by Botticelli. The three other panels are exhibited in the Prado Museum, Madrid. $80-140 million (*) No other Botticelli of such quality has appeared on the market in recent times. (*) Open market valuation. However, due to Italian export restrictions it is possible that the painting can not be sold to a foreign buyer.

Bruegel the Elder, Pieter

"The Hay Harvest (Haymaking)", 1565

oil on panel, 117 x 161 cm.

Lobkowicz Family Collection, Prague

The only major Bruegel in private hands, part of a series of paintings that include "The Hunters in the Snow" in the Kunsthistorisches Museum and "The Harvesters" in the Metropolitan. A masterpiece of Western painting. $100-150 million (*) No other great Bruegel has appeared on the open market in recent times (the "Wine of Saint Martin's Day" was acquired privately by the Prado Museum, but the painting was not allowed to leave Spain). (*) Open market valuation. However, due to Czech export restrictions it is possible that the painting can not be sold to a foreign buyer.

Caravaggio

"The Lute player", c.1596

oil on canvas, 100 x 126.5 cm.

Wildenstein collection "The Lute player" is one of the most famous compositions by Caravaggio. Two versions of the painting exist, the one displayed here and a second version at the Hermitage Museum, Saint Petersburg. A third version (oil on canvas, 96 x 121 cm.) is housed in a private collection (previously at Badminton House, Gloucestershire) and is attributed to the artist by some critics, but others consider it to be a copy. $120-160 million When the Badminton House version was displayed at the Salander Gallery in 2007, dealer Lawrence Salander (later filed for bankruptcy) said that the painting was "the most important painting ever sold"1 (false), and that $100 million would be "cheap"1 (debatable). Other sources point to a price of £50 million2. There is no doubts about the attribution of the Wildenstein version, making it an extremely valuable painting. 1. New York Sun, published October 16th, 2007

2. "Arts sales: The star show that never was" - The Telegraph, published November 27th, 2007

Caravaggio

"Portrait of Maffeo Barberini", c.1598

oil on canvas, 124 x 90 cm.

Private collection, Florence One of the few portraits by Caravaggio, depicting a member of the powerful Florentine Barberini family. Caravaggio was only 27 years old when he painted this work, but he already shows a dramatic mastery of chiaroscuro. $80-140 million (*) A disputed "Saint Augustine" by the artist was valued at £60 million in 20111. This is a undisputed work, one of the only two surviving portraits by Caravaggio. (*) Open market valuation. However, due to Italian export restrictions the painting can not be sold to a foreign buyer. 1. "Unknown Caravaggio painting unearthed in Britain" - Published: The Guardian, June 19th 2011

Cézanne, Paul

"Rideau, Cruchon et Compotier", 1893-1894

oil on canvas, 60 x 73 cm

Private collection Paul Cézanne is the one of the best still life painters of all time, and this beautiful work ranks among the best still lifes created by the artist. $90-140 million Sold for $60,502,500 in 19991. Still lifes by Cézanne are very sought-after. A smaller and less important "Les pommes" was sold for $41,6 million in 20132. 1. Sotheby's New York , May 10th 1999

2. "Cézanne leads the Impressionist and Modern Art auctions, May 2013" - read link at theartwolf

Cézanne, Paul

"Nature morte, rideau à fleurs et fruits", 1904-1906

oil on canvas, 73 x 92 cm

Private collection, New York A late still life by the greatest master of the genre. Less painterly than "Rideau, Cruchon et Compotier", the composition is however more complex and interesting. $90-140 million Comparable to the "Rideau, Cruchon et Compotier" (see above)

Gauguin, Paul

"Annah the Javanese (The Child-woman Judith Is Not Yet Breached)", 1894

oil on canvas, 116 cm × 81 cm.

Private collection "Annah the Javanese" is not only one of the most important paintings created by Gauguin after his return from Tahití in 1894, but also one of the most polemic as well, depicting Gauguin's 13 year old lover and model. $100-150 million See considerations of the previous works by Gauguin. "Annah the Javanese" is a painting of tremendous historical importance (comparable to -or even superior to- "When Will You Marry?" sold for $210 million, see above), but its controversial subject could affect to its hypothetical selling price.

Gauguin, Paul

"Riders on the beach", 1902

oil on canvas, 73 x 92 cm.

Niarchos collection The whole picture is filled with the melancholic taste of a farewell, predicting the artist's own death a few months later. This fancy coloured work is Gauguin's pictorial testament and an eloquent ode to the Polynesia $80-140 million See "Mata Mua". In addition to "L'homme à la hache", other two Tahitian scenes sold for $39.2 million in 2004 and 20071. Widely exhibited and published, this is a much more important painting. 1. "Paul Gauguin’s Te Poipoi (The Morning) sells for $39,241,000" - read link at theartwolf

Gogh, Vincent van

"Wheat Field with Cypresses", 1889

oil on canvas, 51.5 x 65 cm

Private collection (Niarchos?) "Wheat field with cypresses" series are among the most famous works by Van Gogh, who considered them among his finest works. The series consists of three paintings, being this work the only one in private hands $100-150 million The largest painting in the series was sold privately in 1993 for $57 million1 (almost $100 million now) and later donated to the Metropolitan Museum. This work is smaller and a bit sketchier, but still a highly coveted painting. 1. "Annenberg Donates A van Gogh to the Met" - New York Times, published May 25th 1993

Gogh, Vincent van

"Portrait de l'artiste sans barbe", 1889

oil on canvas, 40 x 31 cm.

Private collection This is the last self-portrait Van Gogh ever painted, and, along with the "Self-portrait with bandaged ear" (see above), the only one still in private hands. Enough to make it one of the most coveted paintings, though it is really not a masterwork $90-140 million Sold for $71.5 million in New York, 19981, a remarkable price given the economical situation of that time. 1. Christie's New York, November 19th 1998

Gogh, Vincent van

"Enclosed field with rising sun", 1889

oil on canvas, 71 x 90.5 cm.

Private collection A strong masterpiece by the artist, painted in Saint-Rémy in December, 1889. This work was included by the artist in his Display at "Les XX 1890" in Brussels. $80-140 million Sold for a then remarkable $9.9 million in 19851 (highest price for any artwork that year). A far less important landscape (also painted in 1889) by the artist ("Laboureur dans un champ") sold for $81.3 million in 20172. 1. "Art sale sets record for a Van Gogh" - The New York Times, published April 25th, 1985

2. Christie's New York, 13 November 2017, lot 28.

Gogh, Vincent van

"The Town Hall at Auvers", 1890

oil on canvas, 72 x 93 cm

Private collection This painting, sometimes called "Auvers Town Hall on 14 July 1890", is one of the most original late compositions by Van Gogh, painted a few days before his suicide. $80-125 million Late works by Van Gogh are very sought-after. "Le jardin à Auvers" -created in the same month- was sold for $10 million in 1992, but it could not be exported from France, and its value on the open marked was estimated at "up to $50 million"1. 1. "Price could have been up to five times higher..." - Los Angeles Times, published December 9th 1992

Holbein the Younger, Hans

"The Madonna With the Family of Mayor Meyer (The Darmstadt Madonna)", c.1525-8

Oil on panel, 146.5 x 102 cm.

Reinhold Würth collection, Germany

This monumental painted is arguably the most important religious scene ever created by Holbein. The work was commissioned by the Bürgermeister of Basel Jakob Meyer zum Hasen, who opposed the Reformation $80-140 million (*) Sold for more than $70 million at a private sale in Germany in 2011. Some sources said that its value on the open market could be "in excess of €100 million"1. (*) Open market valuation. However, due to German export restrictions the painting can not be sold to a foreign buyer. 1. "I could probably have sold it for more than 100 million euros if it wasn’t barred from export" - Bloomberg, July 14th, 2011

Hans Holbein the Younger

"Desiderius Erasmus of Rotterdam", 1523

oil and tempera on panel, 76 × 51 cm

Propierty of the Earl of Radnor Holbein painted three portraits of Erasmus, of which this version is the largest and the most elaborate. One of the most famous paintings by an old master still in private hands, this work is a masterpiece of Renaissance portraiture $80-140 million Compare with the "Darmstadt Madonna" listed above. Though not as monumental, this is a more iconic work by Holbein, and arguably the most famous portrait of Erasmus.

Johns, Jasper

"Flag", 1958

oil on canvas

image: © Artists Rights Society (ARS), NY

Collection Steven Cohen "Flags" are Jasper Johns most famous works. The artist painted his first American flag in 1954–55, a work now at the MoMA. $100-140 million Reportedly sold to Steven Cohen in 2010 for $110 million1. Johns early "Flags" are very coveted: in 1980, the Whitney Museum bought "Three Flags" (1958) for the then highest price ever paid for the work of a living artist2. 1. For example, read "Planting a Johns ‘Flag’ in a Private Collection" by Carol Vogel (NY Times, November 18th 2006)

2. "The Gray Areas of Jasper Johns", article by Carol Vogel at The New York Times, published February 3rd 2008

Johns, Jasper

"Diver", 1962

oil on canvas, 228.6-431.8 cm

image: © Artists Rights Society (ARS), NY

Collection Norman and Irma Braman One of the largest and most important works by Johns, measuring over 4 meters in length $100-140 million Sold for just $4.2 million in 19881 (then an auction record for Johns, now a bargain) It is a more important work than "False start", which was sold for $80 million in 2006 1. "Sale Mark Set for Work of Living Artist", published by Suzanne Muchnic, Los Angeles Times, May 4th 1988

Kooning, Willem de

"The Time of the Fire", 1957

oil on canvas, 150.5 x 200.7 cm.

image: © Artists Rights Society (ARS), NY

Agnes Gund collection Another great canvas by De Kooning, similar to the "Interchange" sold for $300 million in 2015 (see above) $120-160 million Comparable to "Interchange", sold for a then-record $300 million in 2015, a price considered by many art critics to be excessive.

Leonardo da Vinci (attributed to)

"La Bella Principessa", c-1495-96

Crayons on oak panel

Peter Silverman collection A small drawing of a lady, similar in style to the "Portrait of Isabella d'Este". Its "rediscovery" as a Leonardo was published by Martin Kemp in 2011. $0-250 million For the reasons for this strange estimation, see all the considerations given to the "Salvator Mundi" (see above). In this case, the attribution to Leonardo is even more contested1, with some critics defending that the work is not even a Renaissance painting, but the work of a 20th-century forger. 1. We recommend read the chapters "Support for Leonardo Attribution" and "Opposition for Leonardo Attribution" at the wikipedia

Lichtenstein, Roy

"Masterpiece", 1962

oil on canvas, 137.2 x 137.2 cm

Steve Cohen Collection "Masterpiece" is one of Roy Lichtenstein's most recognizable paintings, painted one year after his "Look Mickey" and one year before "Whaam!", often considered his most famous works. $120-160 million Sold by Agnes Gund to Steve Cohen for a reported $165 million in 20171 1. "Agnes Gund Sells a Lichtenstein to Start Criminal Justice Fund" - New York Times, June 11th 2017

Lichtenstein, Roy

"Torpedo... Los!", 1963

oil on canvas, 172.7 x 203.2 cm

Charles Simonyi collection Lichtenstein's "war paintings" rank among his most recognizable creations. This work was painted in the same year than the "Whaam!" diptych (London, Tate Modern), arguably his most important work $100-140 million Sold for $5.5 million in 19891. Sold privately for $14 million in 19982 (in both ocassions a record for the artist). 1. "Record prices for Bacon, Dubuffet and Lichtenstein", El País, published November 9th 1989

2. "Steve Wynn, Art Dealer", Artnet Magazine, July 21st, 1999

no color reproductions available no color reproductions available

Monet, Claude

"Le bassin aux nymphéas, reflets du saule (reflections of the weeping willow over the water lilies pond)", c.1920-26

oil on canvas, 200 x 425 cm.

Private collection Hidden in a private collection for decades, this monumental canvas is the most important Monet in private hands

$100-150 million Auction record for Monet is $80.6 million for a smaller (100-200 cm.) "nympheas" canvas (see below). This is the only "monumental" canvas of the nympheas series still in private hands1.

1. D. Wildenstein: Claude Monet, Catalogue (1985). Vol. IV, p.320-321

Newman, Barnett

"Anna's Light", 1968

270 x 850 cm.

image: © Artists Rights Society (ARS), NY

private collection The largest work ever created by the artist, a posthumous tribute to his mother $90-120 million Reportedly sold for $105 million in 2014, according to some sources. His "Black Fire 1" sold for $84.2 million in early 20141. 1. "Barnett Newman commands art auctions, May 2014" - read link at theartwolf

Picasso, Pablo

"Garçon a la pipe", 1904

oil on canvas, 100 x 81.3 cm.

image: © Estate of Pablo Picasso/ ARS

Private collection The sale of this young smoker was a milestone in the Art auctions world, being the first painting that reached the $100 million barrier $120-160 million Sold for $104.1 million in New York, 2004 (then an auction record - pre-sale estimate of around $70 million)1 1. Sotheby's New York, May 5th 2004, lot 7

Picasso, Pablo

"Nude, Green Leaves and Bust", 1932

oil on canvas, 162 x 132 cm.

image: © Estate of Pablo Picasso/ ARS

Private collection This sensual and colorful masterpiece by Picasso was once the most expensive painting ever sold at auction. The work had been never exhibited in public since 1961 $100-150 million Sold for $106.5 million in New York, May 2010 (then an auction record for a work of art)1 1. "Picasso's 'Nude, Green Leaves and Bust' sold for $106.5 million" - read link at theartwolf

Picasso, Pablo

"Yo, Picasso", 1901

oil on canvas, 73.5 x 60.5 cm.

Private collection One of Picasso's first masterpieces, a vigorous self-portrait created in Paris at the very beginning of the artist's famous "Blue Period". $100-150 million Sold for $47.9 million in 1989 (then the highest price ever paid for a work by Picasso)1 1."'Yo Picasso' Brings $47.9 Million at Sotheby's" - New York Times, published May 10, 1989

Raphael

"Bridgewater madonna", c.1507

oil on canvas, 82 x 57 cm.

Duke of Sutherland collection (on loan to the National Gallery of Scotland) Raphael's finest madonnas, such as this, rank among the most recognizable images of the Italian Renaissance. The simple but strong composition and the graceful face of the virgin are stunning $80-140 million A smaller madonna by Raphael, the "Madonna of the pinks", was acquired by the UK in 2004 for £22 million1 (market price: around £35 million). Auction record for Raphael is $47.9 million for the drawing "Head of a muse"2, in December 2009 1. "A lot of pounds for a few pinks" - Published: The Telegraph, October 24th 2005

2. "Important drawing by Raphael sold for £29 million" - read link at theartwolf

Raphael

"The Holy Family with a Palm Tree", c.1506

oil on canvas, diameter: 101 cm.

Duke of Sutherland collection (on loan to the National Gallery of Scotland) Not as famous as the previous work, this beautiful tondo is also part of the fabulous collection of the Duke of Sutherland. The figures and the landscape show the influence of Leonardo da Vinci $80-140 million See previous work.

Rembrandt van Rijn

"Self-portrait", 1659

oil on canvas, 52.7 x 42.7 cm.

Duke of Sutherland collection (on loan to the National Gallery of Scotland) This canvas, painted when the artist was over 50 years old, is arguably one of the best self-portraits ever created, a honest, sincere and ruthless portrait of an artist who had never shown mercy to himself $100-150 million No other self-portrait by Rembrandt of such quality has appeared on the market in recent times. Compare with the "Jan Six' shown above. Though smaller, this canvas is also Rembrandt at his very best

Rembrandt van Rijn

"Judas returning the 30 pieces of silver", 1629

oil on canvas, 79 x 102.3 cm.

Marquess of Normanby collection An early masterwork by Rembrandt, in which the artist already shows his masterful use of the light / shadow and his personal use of the perspective as a narrative tool $80-120 million Auction record for a religious scene by Rembrandt is $25.8 million ("Saint James the Greater", in 20071) but this work is much better 1. Sotheby's New York, January 25th 2007, lot 74



Rembrandt van Rijn

"Man in Oriental Costume (a.k.a. The King Uzziah Stricken with Leprosy)", 1639

oil on panel, 102.8 x 78.8 cm.

Duke of Devonshire Collection, Chatsworth A famous work by the Dutch master, and one of the jewels of Chatsworth house's art collection. The identification of the man in the painting has been discussed for decades. $80-120 million The Chatsworth provenance would certainly increase the value of this important work. Another work by the collection (Raphael's "Head of a young Apostle") was sold for £29,7 million in 20121 against a pre-sale estimate of just £10-15 million 1. "Raphael drawing breaks records at Sotheby's" - read link at theartwolf

Titian

"The Three Ages of man", ca. 1512-14

oil on canvas, 90 x 150.7 cm.

Duke of Sutherland collection (on loan to the National Gallery of Scotland) An early masterpiece by Titian, showing the influence of Giorgione and Bellini. $80-140 million A very important work by Titian, not as great as the "Diana and Actaeon" sold for £50 million in 20091 but valued (on the open market) at around £150 million2. 1. "Titian’s 'Diana and Callisto' acquired for the UK" - read link at theartwolf

2. "Titian campaign saves 'Diana' for nation" - The Independent, 4 January 2009.

Rothko, Mark

"White center (Yellow, Pink and Lavender on Rose)", 1950

oil on canvas, 213.4 x 141 cm.

image: © Artists Rights Society (ARS), NY

Al-Thani Family Collection, Qatar Rothko at his best, this work was created in 1950, a pivotal year in the artist's career.

$80-140 million Sold for $72.8 million in 20071, then an auction record for Rothko. Though not the most expensive, this work is arguably the most important Rothko in private hands

1. Sotheby's New York, Contemporary Art Evening Sale, May 15th 2007, lot 31.

Turner, Joseph Mallord William

"Seascape, Folkestone", 1845

oil on canvas, 88.3 x 117.5 cm.

New York, private collection Turner at his best. The greatest work by Turner in private hands is an audacious, almost abstract masterpiece $80-140 million Sold for £7.3 million in 1984 (then an auction record for any painting) Getty Museum bought a seascape by Turner for $16 million in 19931, and paid £29.7 million ($44 million) for "Modern Rome - Campo Vaccino", at Sotheby's London, July 20102. 1. "Getty's Turner Seascape Is Making Waves" - L.A. Times, published February 24th, 1993

2. "Getty Museum acquires JMW. Turner’s "Modern Rome" - read link at theartwolf

Velázquez, Diego

"Prince Baltasar Carlos on horseback", 1636

oil on canvas, 144 x 91 cm.

Duke of Westminster collection Diego Velázquez´s "Prince Baltasar Carlos on horseback" has all the magnificence you can expect in a great baroque painting. It is a very good Velázquez, arguably his only masterpiece still in private hands, and it could be the centerpiece of any major museum able to persuade the Duke of Westminster to sell it $100-160 million The only "great" Velázquez sold in "recent" times is "Juan de Pareja", bought by the Metropolitan in 1971 for $5.5 million1, then the most valuable painting sold at auction. However, some doubts concerning to the attribution of the work2 may affect its estimation. 1. Several sources. For example, see "Sunday Dialogue: What Is That Art Worth?" at the New York Times, published January 5, 2013

2. For example, read "Complete Studies on Velázquez" by Enriquetta Harris, pages 127-128

Warhol, Andy

"Mao", 1972

oil on canvas, 448 x 346.7 cm.

image: © Artists Rights Society (ARS), NY. Courtesy Christie's Images Ltd

Private collection This giant canvas is one of the largest portraits of the communist leader painted by the Pop-Art icon, Andy Warhol $100-150 million The painting is (or was) reportedly for sale, asking price (as of 2008): $120 million1. Highest price ever paid for a Warhol are $105 million for "Silver Car Crash" and $100 million for "Eight Elvises" (see below). 1. "Warhol `Mao' May Sell for Record $120 Million, Christie's Says", published by Bloomberg, May 6th 2008

Warhol, Andy

"Eight Elvises", 1963

oil on canvas, 200 x 370 cm

image: © Artists Rights Society (ARS), NY

Private collection An icon of the Pop Art, Warhol used to create several versions of his works. Nevertheless, "Eight Elvises" is an unique composition $100-140 million Sold privately for $100 million in 20081 (previously at the Annibale Berlingieri collection) 1. For example, read "The $100m Warhol", published by Andrew Johnson at The Independent, November 29th 2009

Warhol, Andy

"Silver Car Crash [Double Disaster]", 1962

266,7 x 417 cm.

image: © Artists Rights Society (ARS), NY

private collection One of the largest works from Warhol's seminal "Death and Disaster" series. $90-120 million Sold for $105,4 million in November 20131. "Green Car Crash (Green Burning Car I)" was sold for $71.7 million in 20072, an auction record for Warhol. 1. "Warhol's 'Silver Car Crash' sells for $105M at Sotheby's" - read link at theartwolf

2. "Andy Warhol’s epic "Green Car Crash" sells for $71.7 million." - read link at theartwolf

Warhol, Andy

"200 soup cans (Campbell's Soup)", 1962

oil on canvas, 182.9 x 254.6 cm

image: © Artists Rights Society (ARS), NY

John and Kimiko Powers collection The largest work of Warhol's iconic "Campbell's Soup" series $80-140 million "200 one dollar bills" was sold for $43.8 million in 20091, but works from "Campell's Soup Cans" are much more famous and coveted. Auction record for Warhol is $105 million ("Silver Car Crash", 2013) 1. "Warhol artwork sells for $43.8m", BBC News, published November 12th 2009

Warhol, Andy

"Shot Marilyns", 1964

Five oil on canvas, each 101.6 x 101.6 cm.

'Orange Marilyn' at S. I. Newhouse Collection

'Red Marilyn' at Niarchos Collection

'Turquoise Marilyn' at S. Cohen Collection

'Blue Marilyn' at Peter Brant Collection (another one in a private collection) Warhol's portraits of Marilyn Monroe rank among the most iconic artworks ever created.

$80-140 million

(Shot Red and Orange Marilyns) In 1989, the "Red" canvas was sold for $4.1 million1. 9 years later, the "Orange" painting was sold for $17.3 million2. And nine years later, the "Turquoise" canvas (the only one that was not shot by Dorothy Podber) was sold for a rumoured $80 million3.

1. "A Warhol 'Red Marilyn' Sets Record at Christie's", published by Rita Reif, The New York Times, May 4th 1989

2. "$17-million marilyn", Walter Robinson, Artnet, May 15th 1998

3. "Pop Art round-up: what and where to buy", The Telegraph, May 26th 2010

Warhol, Andy

"One Hundred and Fifty Black/White/Grey Marilyns", 1980

Aprox. 10 meters long

Private Collection One of the largest paintings ever created by Andy Warhol

$80-125 million Reportedly for sale at Art Basel 2011, priced at $80 million, and withdrawn after an early serious offer1 (making the seller reconsider selling the painting for that price)