A Renaissance painting that had been gathering dust under a garage workbench for years has sold for an astounding £685,000 (approximately $850,000) at a Banbury auction house, in what auctioneers described as a scene reminiscent of the famous watch episode from the British comedy series "Only Fools and Horses."
The artwork, depicting the Madonna and Child, sparked an unprecedented 15-minute bidding war at JS Fine Art auctioneers, drawing intense interest from collectors both nationally and internationally. The painting has been attributed to Pietro Vannucci, better known as Perugino (1450-1523), who was the master teacher of the legendary Renaissance artist Raphael.
"It was one of those moments every auctioneer dreams of," said Joe Smith, founder and principal auctioneer at JS Fine Art. "We knew it was special, but the response was beyond anything we expected. The longer you looked, the more you realized the quality of the workmanship and the elegance of the Renaissance detailing."
The spirited auction featured bidders participating online, by phone, and in person at the auction room. The final sale price represents a dramatic increase from typical auction results and demonstrates the extraordinary value that can be hidden in the most unexpected places.
This remarkable sale has shattered JS Fine Art's previous house record of £265,000, which was set by a painting by Eric Ravilious. The auction house says this achievement has helped reaffirm its growing reputation as one of the most discerning regional auction houses in the Home Counties area of England.
"When the hammer fell, there was a hush – then applause," Smith recalled of the dramatic moment. "It was a moment that marked a new chapter for our firm and, I think, for Oxfordshire's place on the fine art map."
The painting was ultimately purchased by a private collector whose identity remains undisclosed. Following the sale, the artwork has been taken to a fine art conservator, presumably to ensure its proper preservation and restoration given its age and previous storage conditions under the garage workbench.
