Rembrandt, Raphael masterpieces break auction price records

Two masterpieces by Rembrandt and Raphael smashed record prices Tuesday, selling for 20 million pounds and 29 million pounds respectively at an auction of Old Masters in London, organisers said.

The works went on display for the first time in decades ahead of the major auction, where a painting by Domenichino also sold for a record 9.2 million pounds (10.18 million euros, 14.98 million dollars), Christie's said.

The three pieces formed the highlight of the auction, which saw dozens of Old Masters and 19th century art sell for 68.4 million pounds in total, exceeding organisers' estimates, and despite the global economic downturn.

The Rembrandt painting "Portrait of a man, half-length, with his arms akimbo" went on public display for the first time in 40 years after being held in private for decades.

An anonymous telephone bidder paid 20.2 million pounds for the work - a record for a Rembrandt at auction and the fifth highest price for an Old Master painting sold at auction, Christie's said.

Richard Knight, international co-head of Old Masters and 19th century art at Christie's, said the price "reflects its importance and magnitude."

"We are delighted to have been able to exhibit this masterful portrait for the first time in nearly forty years leading up to the auction, and to have seen it realise such a strong price that reflects its importance and magnitude," he said.

Painted in 1658 during one of Rembrandt's most artistically inventive periods, it depicts an unknown sitter facing the artist with a defiant pose and hands on hips.

The Raphael sold for 29.2 million pounds, a record price for any work on paper sold at auction and about double the price estimated before the auction.

"Head of a Muse" has only been seen once in public in the last 50 years and has not been put up for general auction for more than 150 years.

Raphael's 1508 drawing was made as a working draft for his famous fresco "Parnassus", one of four he was commissioned to paint by Pope Julius II in the Stanza della Segnatura in the Vatican.

The previous record for a work on paper was a pastel by Edgar Degas which sold in New York in November 2008 for 37.0 million dollars.

"Raphael is universally recognised as one of the greatest artists in history, and we are extremely excited to have sold a beautiful drawing by his hand," said Benjamin Peronnet from Christie's.

The previous record price for a Rembrandt sold at auction was set in December 2000 when "Portrait of a lady aged 62" fetched 19.8 million pounds at Christie's in London.

Tuesday's painting was donated to Columbia University in 1958 and was sold privately in 1974 to benefit the university's endowment fund. After appearing at an exhibition in 1970, it was not seen in public until last week.

A painting by Domenichino called "Saint John the Evangelist" sold for 9.2 million pounds, a record auction price for a work by the artist.

Christie's described the painting, for sale for the first time in more than 100 years, as "one of the most important Baroque paintings to be presented at auction in a generation."