HSBC set to earn USD19.5 million in Canaletto painting sale
In an email release, HSBC Holdings Plc entered one lot consisting of two paintings by Italian renowned view painter Canaletto to be sold in Sotheby's Old Masters auction in London. The auction for Old Master artworks would be held on December 4 this year.
The equally-sized view paintings were reportedly worth GBP12 million or USD19.5 million. The paintings depicted the Rialto Bridge and St. Mark's Square, which were both located in Venice. The artwork was known to be made by Canaletto between 1738 and 1742.
Dealers said Canaletto's work was prized by many rich collectors, and had attracted interest in Asian and Russian buyers recently in auctions.
The canvases that were previously owned by HSBC were estimated to be valued at a low GBP8 million. The estimate was based on auction prices. Originally owned by banker John Furnell Tuffen in the 18th century, the paintings were sold to Safra Republic Holdings SA founder Edmond Safa for GBP3.9 million. Safra eventually sold the Canaletto paintings and the rest of his company and assets to HSBC back in 1999.