LONDON.- Sotheby’s has led the field of Greek Art auctions since its inaugural sale in 2001 and its auction in London today continued this trend when a monumental work by Constantinos Volanakis, entitled The Arrival of Karaiskakis at Faliro, sold for £1,609,250 (€1,970,855), establishing a new auction record for a 19th-century Greek painting ever sold at auction by a considerable margin (the price is double the previous record). The price for Volanakis’ The Arrival of Karaiskakis at Faliro also represents the highest price ever paid for any work of art sold in a dedicated sale of Greek Art. The painting was purchased by an international private collector.

The Arrival of Karaiskakis at Faliro portrays an historic scene from the Greek War of Independence and it is one of a number of scenes by Volanakis that celebrates Greece’s most important naval battles. It marks the arrival of the fledgling Greek navy and one of its most charismatic commanders, Georgios Karaiskakis, on the shores of Faliro near Piraeus, in preparation for the campaign to liberate Athens from Ottoman forces.

Commenting on the record price achieved for the Volanakis painting, Constantine Frangos, Senior Director and Head of Greek Art at Sotheby’s, said: “This was - without doubt - the most important 19th-century Greek painting to appear on the international market, a fact which was recognised by the market today. We are thrilled with the price achieved and the new auction record it establishes – which is more than double the previous record for a 19th-century Greek painting at auction and also for any painting sold in a dedicated Greek Sale. It proves once again that premium quality works like the Volanakis – which provide collectors with an unprecedented saleroom opportunity – continue to be highly sought-after. Sotheby’s is honoured to have brought this monumental work to auction.”

Today’s sale overall brought a total of £6,066,200 / €7,429,299, below pre-sale expectations (the sale had been estimated to fetch in excess of 8.5 million). The total does, however, bring the total of Greek Art sold at Sotheby’s this year to £15,629,850 – a figure which is on a par with the total for 2007 (£15,638,125). The sale saw 14 new artist records established.

Commenting on the sale overall, Constantine Frangos continued: “The Volanakis was the star of the show today but we also saw solid prices for names such as Theodoros Ralli, Nicholas Gysis, Yannis Moralis and Georgios Jakobides as well. The sale did fall short of its pre-sale low estimate but it was assembled over the summer in a very different economic environment from that which currently prevails; and we did see a degree of price adjustment today. The Greek market has witnessed considerable growth in recent months and years and there is still healthy activity in this market – as we’ve seen today with the record price for the Volanakis and the 14 new auction records set. Collectors continue to take advantage of one-off opportunities that rare, competitively priced works offer.”