Observe · Regulate · Protect — since 2007. 19th OIMAP General Assembly: Singapore, 10–12 June 2026. Programme
Market

Old masters

The market for painters before 1800: rarity, attributions, provenance and major sales.

Updated : October 28, 2026· 3 min read

A market of rarity

River Landscape with Large Tree at Left, Augustin Hirschvogel (1546)
River Landscape with Large Tree at Left, Augustin Hirschvogel (1546)

Old masters account for €5.7 billion in 2024. The median price, €18,500, is the highest in painting, but the market is narrow: less than 3% of old master paintings in circulation change hands each year.

The works in this segment date from before 1800. They are few in number, often in museums, and each available work receives particular attention.

The main issue is attribution: a painting "by Rembrandt" is worth a thousand times more than a painting "from Rembrandt's workshop".

  • Old masters
  • Attribution
  • Provenance

Old masters in figures

€5.7bnVolume
€18,500Median price
+3.6%Index change
3%Share of works in circulation per year

Source: OIMAP Observatory.

Breakdown

Italian schools31%
Flemish and Dutch schools28%
French school19%
Spanish and other schools22%

Share of the segment's volume.

Attribution, the crux of the matter

For old masters, the price gap between a secure attribution and a probable attribution can reach a factor of ten, even a hundred. The sale catalogue wording follows a precise scale: "Rembrandt" (autograph), "attributed to" (probable), "workshop of" (under the master's direction), "school of", "follower of", "after".

OIMAP applies the same scale in its certificates. The expert's opinion states the wording retained, the reasons and the degree of certainty. A certificate favourable at the first levels requires a material examination, a comparative analysis and archival research.

Study for "A Sunday on La Grande Jatte", Georges Seurat (1884)
Study for "A Sunday on La Grande Jatte", Georges Seurat (1884)
Portrait Bust of a Man (27 BCE–14 CE)
Portrait Bust of a Man (27 BCE–14 CE)
Banks of the Oise at Dawn, Louis Hayet (1888)
Banks of the Oise at Dawn, Louis Hayet (1888)

Provenance and restitution

Old masters have often passed through several centuries, wars and revolutions. Their provenance is therefore complex, with frequent gaps. The years 1933 to 1945 call for particular vigilance, because many works were looted.

Before any sale, the BIOP database is consulted. Works whose provenance has gaps between 1933 and 1945 undergo in-depth research and specific publication.

Restorations and condition

Almost all old masters have been restored, sometimes several times. The issue is not the absence of restoration, but its nature and its documentation. An old relining, a careful cleaning or a changed varnish are common and barely penalising; extensive overpainting or excessive cleaning greatly reduce value.

The conservation report precisely describes the condition of the paint layer and the retouched areas. It is the tool for dialogue between seller, buyer and insurer.

Scale of attribution wording

Relative value
WordingMeaningEffect on price
Name of the masterAutographReference price
Attributed toProbably by the master30 to 50%
Workshop ofMade in the workshop10 to 20%
School ofSame school, close period5 to 10%
Follower ofImitates the style2 to 5%
AfterCopy1 to 2%

Landmarks

  1. First laboratories

    Scientific analysis of pigments.

  2. Dendrochronology

    Dating of panel wood.

  3. BIOP database

    Control of provenance.

  4. €5.7bn

    Stable market.

Gaps in provenance

Museum work or market work

Wineglass and a Bowl of Fruit, Willem Kalf (1663)

Work already exhibited

Public provenance
  • Known history
  • Attribution publicly debated
  • Supported price

Less risk.

Saint Mary Magdalen, Simon Vouet (c. 1630)

Rediscovered work

Coming out of a private collection
  • Attribution to be established
  • Provenance to reconstruct
  • Potential for capital gain

More risk and opportunity.

The Kiss of Peace and Justice, Laurent de La Hyre (1654)
The Kiss of Peace and Justice, Laurent de La Hyre (1654)
Scenes of Witchcraft: Day, Salvator Rosa (c. 1645–49)
Scenes of Witchcraft: Day, Salvator Rosa (c. 1645–49)
Self-Portrait, John I Smart (1802)
Self-Portrait, John I Smart (1802)

Having an old painting attributed

  1. Examine

    Visual and material examination.

  2. Analyse

    Imaging, pigments, wood.

  3. Compare

    Autograph works, catalogues.

  4. Draft

    Reasoned opinion of the expert.

  5. Decide

    Committee opinion.

Before buying an old master

An art historian

Saint Peter Repentant, Georges de La Tour (1645)
« An old master is an investigation. The price follows what the investigation allows one to affirm. »
Prof. Elena Rossi, art historian

Vocabulary

Panel
Support made of painted wood.
Dendrochronology
Dating by tree rings.
Workshop
Team of a master's collaborators.
Looting
Illegitimate dispossession of property.

Frequently asked questions

What is dendrochronology?

A method of dating the wood of panels by analysis of tree rings.

How should "attributed to" be read?

As a probable attribution, not confirmed.

What should be done if a painting has been looted?

See the Protection section.

Where can I read the scale?

Useful documents

Contacts

Eighteen Views of Rome: The Piazza Farnese (recto); Cartouche (verso), Lievin Cruyl (1664)
Eighteen Views of Rome: The Piazza Farnese (recto); Cartouche (verso), Lievin Cruyl (1664)
OIMAP ObservatoryParis — Headquarters+33 1 00 00 01 00observatoire@oimap.exampleMonday to Friday, 9 am – 5 pm

Move on to the 19th century

Still Life with Wild Flowers, Léon Bonvin (1864)

The most active segment of painting.

19th century
Image credits (16)
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