First Old Masters collection valued over $100m to come to auction at Sotheby’s.

A major collection of Old Master paintings, built up over decades by Jordan and Thomas A. Saunders III, is poised to shatter auction records this May at Sotheby’s New York. Estimated to be worth $80 million–$120 million, the collection features works by artists such as Jan Davidsz. de Heem and Luis Meléndez and is being billed as the most valuable single-owner collection of Old Master paintings ever to appear at auction.

A total of 56 paintings will be sold, the majority in a dedicated sale on May 21st—“Elegance & Wonder: Masterpieces from the Collection of Jordan and Thomas A. Saunders III”—while some works will be included in Sotheby’s master paintings sale on May 22nd.

Saunders, who passed away in 2022 at 86, was a prominent figure on Wall Street and a private equity executive. He also served as the chairman of the Heritage Foundation from 2009 to 2018 and played an integral role in the formation of its Heritage Action organization.

The Saunders collection is distinguished not only by its financial worth but also by its breadth, with many pieces having been displayed in prestigious institutions such as the National Gallery of Art in D.C. and the Rijksmuseum in Amsterdam. The auction results are expected to surpass the $76 million total garnered by 11 works from the Fisch Davidson collection at Sotheby’s New York in 2023.

The Saunders’ collection was shaped, in part, by George Wachter, Sotheby’s chairman and co-worldwide head of Old Master paintings. The couple first connected with Wachter in 1998 when Jordan was captivated by Francesco Guardi’s A View of the Church of the Redentore at an exhibition. A pair of Venetian landscapes by the Rococo artist hold the highest valuation in the auction, estimated at $10 million–$15 million.

With Wachter’s guidance, the Saunders amassed a comprehensive collection that spans the 16th to the 19th centuries and includes works from a variety of European schools. “This collection could never have been assembled without the Saunders’s steadfast determination, decisiveness, impeccable eye, and unwavering trust in me, for which I am deeply grateful,” Wachter said.

Among the highlights is a 17th-century still life by de Heem, now expected to sell for between $8 million and $12 million. The artist’s current record is $7.6 million for A banquet still life, sold at Christie’s in 2020. Another standout is Meléndez’s Still Life with a Cauliflower, a Basket with Eggs, Leeks, and Fish, and Assorted Kitchen Utensils (ca. 1760s), which is expected to fetch $5 million–$8 million. The collection also includes portraiture, such as Thomas Lawrence’s Portrait of Miss Julia Peel, estimated at $6 million–$8 million.

“From exceptional Dutch pictures to marvelous Venetian views by Guardi, from Lawrence’s unbelievably beautiful portrait to one of the most exquisite Meléndez still lifes, the collection is truly one of a kind,” said Wachter. “This auction is a profound full circle moment for me, and it is an honor to once again play a part in shepherding these works into the next great collections.”