A Diego Velázquez portrait of Spain’s Queen Isabel de Borbon, expected to break the artist’s previous records, has been quietly withdrawn from auction by Sotheby’s in New York.
The court painting, which has been held by a private family trust in the United States since 1978, has been removed due to “ongoing discussions” on behalf of the sellers. The painting did not appear in the auction house’s digital sales catalog published on December 21.
There is speculation that a US museum may have made a bid, however Sotheby’s declined to comment, the Art Journal reported on Friday. The painting from the 1620s was secured by the auction house for $35 million in its upcoming Old Master sale on February 1.
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The portrait of Isabel de Borbón could be related to a famous painting by Velázquez of her husband Philip IV in the possession of the Prado in Madrid. It was taken from the Spanish royal collection in Madrid during Napoleon’s invasion in 1808 and later appeared in a French noble collection in 1838. It eventually came into the hands of the British banker and book collector Henry Huth. His relatives kept it until 1950, when the piece was last auctioned.
High-quality works by Velázquez are usually found in royal or museum collections and are rarely sold at public auctions. The price and good condition reflect this uniqueness. If sold, the work would more than double the 17th-century Spanish painter’s current auction record of $16.9 million.
The consignors, the auction house said in a statement, “reluctantly decided to temporarily pause the sale process, due to ongoing discussions on their part.” Despite this, however, and “given the enthusiasm with which the Velázquez has been received so far”, Sotheby’s said that both parties “hope to offer this exceptional painting for sale in the near future”.
