In 1998 at Sotheby's, Mrs. Jordan Saunders found herself captivated by a small, atmospheric view of Venice by the mid-18th-century painter Francesco Guardi. That "little jewel," as she described it, sparked a passion for Old Master paintings that she and her husband, Thomas A. Saunders III, would pursue with remarkable dedication, 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, his and Jordan's appreciation for fine art was a defining passion. 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 captivating 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 vibrant 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 spectacular 17th-century floral arrangement by Jan Davidsz. de Heem, estimated to fetch between $8-12 million, alongside an extraordinary 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 luminous 1704 still life by Adriaen Coorte, featuring 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 striking double portrait by Frans Hals, estimated between $6-8 million, and a finely 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 May 21. Additional works from the collection will be featured in Sotheby’s Masters Week sale on May 22. Ahead of the auction, the collection will embark on a global tour, including Amsterdam (March 10 – 14), Brussels (March 18 – 20), Los Angeles (April 10 – 11), and Hong Kong (April 18 – 23).
For Sotheby’s, the sale represents not only a major auction event but also a potential bellwether for the broader market. Whether the Saunders collection will reignite demand for Old Masters remains to be seen, but come May, all eyes will be on the auction block.
