Sales of Renaissance art hit record highs last week at Christie's in New York, writes Colin Gleadell.

Last week, I asked whether, for roughly $12 million (£8 million pounds), wealthy art buyers would prefer a rare, newly discovered painting by the 16th-century Mannerist painter, Bronzino, or a self-portrait by the contemporary graffiti artist, Jean-Michel Basquiat. I can now say, at least, rule the Bronzino out.

The dark and moody portrait of a young writer had been accepted by art historians as a genuine early work, but was painted too much under the influence of his teacher, Pontormo, to appeal to collectors and did not sell. It was one of the few blips in an ambitious Renaissance-themed sale that raised $42.6 million at Christie’s in New York last week, and broke several record prices. Another was one of two Botticellis on offer: an early, slightly atypical work in the style of his master, Filippo Lippi, which was estimated at $3 million.

But it wasn’t the religious, madonna-and-child subject that was putting modern-day buyers off. A later, more typical Botticelli of the same subject, known as “the Rockefeller Madonna” because it was once owned by John D Rockefeller Jr, sold for a record $10.4 million. In 1992, when religious subject matter was more of an impediment in the art market, the seller made what looks now like a great investment when acquiring it for $440,000. The week’s top sale also belonged to a madonna and child, a rare early tondo (pictured), by the Dominican monk Fra Bartolommeo from the 1490s, which only came to light 20 years ago. Estimated at $10 million to $15 million, it sold for a record $13 million.

Although Christie’s did not reveal the identity of the seller, trade sources confirmed that the tondo had come from the collection of Washington lawyer, publisher and Renaissance art enthusiast Frank Pearl, who died last year.

Another work from Pearl’s collection was a superb image of glamour and power, a bearded young man in richly decorated armour painted in 1574 by Scipione Pulzone. As the bidding rose above the $2.5 million estimate, the auctioneer carefully read out the equivalent price in roubles to a hesitant telephone bidder before knocking it down for a record $7.6 million. Nicholas Hall of Christie’s, who led the sale, says the Pulzone exemplifies how past images of power appeal to the new elite. Hall also said all the top lots at Christie’s were bought by buyers known to be active in other areas simply buying the best that is available, whatever the art historical category.

At Sotheby’s, Christopher Apostle confirmed that religious pictures were attracting demand again, that modern art collectors were active in the Old Master market, and that buyers were looking for strong images in very good condition. A stream of gold ground altar paintings, which the Metropolitan Museum of Art in New York was selling, all found buyers. These paintings were hard to sell 25 years ago, says Apostle, but now there is a deep pool of buyers.

Ticking all the boxes from the early Netherlandish school were a newly discovered painting from the 1480s of Christ lifting his hand in blessing by Hans Memling, which doubled estimates to fetch a record $4.1 million, and an icon-style head of the Virgin in prayer by Quinten Matsys that trebled estimates, selling to a Russian buyer for just over $1 million.

Russian buyers had a greater influence on results for more secular 18th-century paintings. At Christie’s they targeted a gentle interior by Chardin at a record $4 million, and views of Rome by Panini, while at Sotheby’s they spurred a new record $2.1 million for the rococo fantasies of François Boucher.

As with religious paintings, there has also been a shift in taste in favour of 18th-century rococo and neo-classical painting, says Apostle. His top lot, for example, was a mythological painting of Susanna and the Elders, charged with colour and incident, by Pompeo Batoni, an artist better-known for his grand portraits of British tourists in 18th-century Rome. In 1991 the painting had been offered unsuccessfully at auction for £3 million and was bought subsequently by the Swiss investor Jacob Eli Safra. Now with an unaggressive $6 million estimate, Sotheby’s sold it for Safra for a record $11.4 million.

Overall, the Old Masters sales took $168 million, an improvement on last year. Although one third of lots went unsold, they were successful enough for Christie’s to announce that it would hold another Renaissance sale in New York this time next year.