$30 Million Rembrandt Leads Auction

A Rembrandt portrait will lead a London sale of a private collection of Dutch Old Masters that is valued at more than $30 million. Art collectors of ArtKabinett network have been watching many multi-million dollar paintings come to auction, over the past couple of weeks.

The panel painting “A Bust of a Man in a Gorget and Cap” has an upper estimate of 12 million pounds ($19 million), Christie’s International said in an e-mailed release. The Caravaggio-influenced 1626-27 composition, shown here, hasn’t been offered at auction for about 40 years and should fetch at least 8 million pounds on July 3, the company said.

The 1626-27 panel painting is one of 15 Dutch Old Masters from the collection of Pieter and Olga Dreesmann being offered by Christie's International in London on July 3.

In recent years, Old Masters have struggled to attract new collectors. Christie’s plans to stimulate fresh interest in historic paintings by taking the single-owner collection on a promotional tour to Doha, Moscow, New York, Hong Kong and Amsterdam before its sale.

The 15 works, worth at least 19 million pounds, are owned by Pieter Dreesmann, the son of the late Anton Dreesmann, a Dutch department-store heir whose collection was auctioned by Christie’s in a series of sales in 2002 that raised 7.3 million pounds.

Pieter and Olga Dreesmann are active collectors, owning pieces ranging in date from ancient Greece and Rome to 21st- Century contemporaries. The Old Masters are up for sale because the Dreesmanns, regular buyers at the Frieze Art Fair, are “re- focusing” their interests, said Christie’s.

The group also includes the Willem van de Velde II seascape “Shipping in a Calm,” valued at 2.5 million pounds to 3.5 million pounds.