In 1998 at Sotheby's, Mrs. Jordan Saunders was drawn to a small, atmospheric view of Venice by the mid-18th-century painter Francesco Guardi. That painting sparked a passion for Old Masters that she and her husband, Thomas A. Saunders III, would pursue with remarkable dedication, ultimately assembling one of the most significant collections of its kind in recent history.
Now, that very Guardi painting will return to Sotheby’s in May, alongside an extraordinary selection of 56 Old Master works amassed by the couple over decades. The collection spans nearly 300 years of European painting, from 16th-century Flemish still lifes to 19th-century British portraiture, many having been displayed in important institutions such as the National Gallery of Art in Washington, D.C., and the Rijksmuseum in Amsterdam.
Thomas A. Saunders III, who passed away in 2022, was a prominent Wall Street banker and a longtime chairman of the conservative think tank the Heritage Foundation. While his political influence was widely known, the couple’s passion for fine art was equally defining. Their collecting journey was guided by George Wachter, Sotheby’s chairman and co-worldwide head of Old Master paintings, who helped the couple identify and acquire some of the finest works available on the market.
The collection is filled with masterworks. Leading the landscapes are a pair of Venetian views by Guardi, the same artist who kickstarted the Saunders' collection. Each scene features gondolas set against the Dogana da Mar and the Church of Redentore, and they come with an estimated value of $10-15 million. Equally significant is a Brazilian landscape by Frans Post, depicting lush flora and fauna beneath a clear sky. With an estimate of $6-8 million, this painting could break the artist's previous auction record of $4.5 million.
The still life category includes a 17th-century floral arrangement by Jan Davidsz. de Heem, estimated to fetch between $8-12 million, alongside a Spanish still life by Luis Meléndez. His depiction of a kitchen table laden with cauliflower, eggs, and leeks, estimated at $5-8 million, holds the highest estimate ever placed on a Meléndez work. Additionally, a 1704 still life by Adriaen Coorte, depicting ripe strawberries, is set to fetch $2-3 million.
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In portraiture, highlights include Sir Thomas Lawrence’s Portrait of Miss Julia Peel, expected to reach $6-8 million, alongside a double portrait by Frans Hals, estimated between $6-8 million, and a detailed studio scene by Gerrit Dou, valued at $5-7 million.
See also: Frans Hals: The Master of Portraiture
Altogether, the collection is expected to achieve between $80-120 million, setting it up to break the record for any Old Masters collection ever offered at auction. This comes at a time when the Old Masters market has faced declining interest, with auction sales in the category dropping significantly in recent years. However, single-owner collections with strong provenance - like the Saunders trove - often perform exceptionally well, attracting competitive bidding from collectors globally.
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The collection will be offered for sale this May at Sotheby’s New York in a dedicated auction, Elegance & Wonder: Masterpieces from the Collection of Jordan and Thomas A. Saunders III, on 21 May. Additional works from the collection will be featured in Sotheby’s Masters Week sale on 22 May. Ahead of the auction, the collection will go on a global tour, including Amsterdam (10 – 14 March), Brussels (18 – 20 March), Los Angeles (10 – 11 April), and Hong Kong (18 – 23 April).
For Sotheby’s, the sale represents not only a major auction event but also a potential bellwether for the broader market.
