Jan 29, 2021

By Andy Johnson

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A 500-year old painting, by Italian Renaissance master Sandro Botticelli, has set a new record, selling for more than $92 million at a Sotheby’s Auction in New York.

“Young Man Holding a Roundel,” is believed to have been painted in the 1470s or 1480s and is considered one of Botticelli’s finest portraits. The previous record for a Botticelli was set in 2013 when “Madonna and Child with Young Saint John the Baptist,” sold for more than $10-million.

The auction was live streamed and lasted less than five minutes with two competitors bidding against each other.

The sale marks the first major indicator of the state of the art market this year and answers questions about the willingness of global art collectors to pay nine-figure sums for trophy works.

The selling price also establishes the work as one of the most significant portraits to have ever sold at auction.

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