While the installations of Prado art exhibition are in progress at NGV I set on browsing Titian and Raphael paintings online. To my surprise most of the paintings by these artists are hold in private collections. Who buys them and for which money?
Old Masters are not as popular as impressionists and contemporary art among collectors and investors. But Leonardo da Vinci, Michelangelo and Raphael are a trinity of the best Renaissance artists. And the prices for their artwork run high. In December 2012 the 1519 chalk drawing "Head of a Young Apostle" was sold for £29.7m (almost $48m US ) at Sotheby’s auction in London setting the highest price record for any drawing on paper. In fact, it's one of the sketches, a study for one of the characters for the last Raphael's painting "The Transfiguration" now in the Vatican Museum.
Rumours have it the winning bid was from Russia, the bid was made on the phone.
By the way, purchasing of precious art work is one of the ways of money-laundering.
Raphael Apostle Brings Record $47.8 Million at Sotheby’s Dec 05/2012