Giovanni Boldini's oil on panel portrait of John Singer Sargent shows the man in full, facing the viewer but not locking eyes with us. He has hitched his thumbs into the band of his waistcoat. He has threaded his cane behind his back, resting the ends on his elbows. While the image of Sargent is finished, the portrait and especially its background have a sketchy feel, with dozens of visible brush strokes.

Update: Giovanni Boldini’s oil on panel portrait of John Singer Sargent sold for £371,250, or about $494,000.

What you see: An oil on panel portrait of the artist John Singer Sargent, painted by Giovanni Boldini in 1890. Christie’s estimates it at £200,000 to £300,000 ($261,800 to $391,200).

The expert: Veronica Scarpati, specialist at Christie’s London.

How did Boldini and Sargent know one another? Sargent was 14 years’ Boldini’s junior, but they were in the same circles and painted the same subjects. As Sargent was leaving for London [in 1886], he gave his Paris studio to Boldini, and he made it his home for the rest of his life. They always knew of each other and each other’s work.

Do we know the circumstances of how the portrait came about? If you look at it, the scale of the work is very intimate [it measures 14 1/4 by 11 inches] and very quickly done. I would imagine it was very informally done. There’s nothing planned about it. It’s very spontaneous. What I love about it is you can see the board [the panel] coming through, especially on the edges. It doesn’t appear to be a commission, or a study. It’s an artist at play, looking up to and admiring [his friend]. That’s why it’s so special. It’s frank and intimate.

Do we have any idea how Boldini might have done this portrait? Would he have asked Sargent to pose, or would he have done this from memory? Without having been there, we could infer from the way it’s painted–very immediate and very loose–perhaps a bit of both. I don’t imagine Sargent in the studio holding this pose. Boldini might have had this image in his head and brought forth Sargent’s personality.

Yeah, Sargent standing there in the studio like that… that would be uncomfortable. (Laughs) With the stick behind his back…

Is this the first of the three known Boldini portraits of Sargent? Do the other two survive? If so, how do they compare to this one? The other two works do survive. One is more complete and lacking the sense of energy which exudes from ours, whilst the other is a sketchy watercolor head study. These are different kinds of works. Whereas ours is more immediate and full of energy, the other two are more posed. We expect they were all painted around 1889.

Where are the other two Boldini portraits of Sargent? Have either come to auction before? The less vibrant, composed sketch was owned by the artist Jean Gabriel Domergue, and it was offered in auction in 1965 and 1988. [One of the other two Boldini portraits of Sargent can be seen online; the watercolor head study has proven elusive.]

This portrait was first sold at auction at Christie’s in 2003 [the lot is too far in the past to find through the auction house’s website search engine]. How did it do then? How did that performance shape its current estimate? What other factors shaped its estimate? Back in 2003, the market was much smaller, and concentrated on connoisseurship, whereas in the last few years in particular, we have seen more openness within our collectors—who, despite being traditional buyers in one category or another, will both recognize and appreciate the skill and importance of artists they wouldn’t normally collect, and translate that enthusiasm into active bidding. Alongside this, we have had more and more cross-category sales in recent seasons, which has helped with the cross-pollination. The Adventurous Spirit Collection, from which this work is offered, is a perfect example of this.

Is there a contingent of collectors out there who deliberately seek artists’ portraits of other artists, who would be keen to go after this? Definitely. Working at an auction house such as Christie’s, you find that there are collectors for pretty much everything. There are some that love self-portraits of artists. There’s something to be said for artists’ portraits of artists. I’d be lying if I said I could think of three names off the top of my head [of collectors who’d want it] but it’s exactly what speaks to cross-category buyers. If you love Boldini or Sargent, it’s a jewel, and you’re drawn to it because of the narrative between them.

This strikes me as being more lively than Boldini’s formal portraits of sitters. Does the Singer portrait represent a departure for him? It’s really comfortable in its intimacy. Every time I view it with a colleague or a client, they say, “Wow, that’s so modern.” The way he attacks the board with the paint–the red in the tie is very strong, and just above the shoulder, there’s green. They’re contrasts on the color wheel, but it works. It’s immediate. It’s not structured. There’s no sense of having a patron watching over his shoulder. Just one artist who understands and admires another artist, just painting. That’s what makes it modern and unbridled.

Did Boldini choose that sense of sketchiness to impart movement to the portrait? Definitely. There’s a sense of movement, a sense of dynamism. Look at the lines in the background, the left quadrant. There’s one very strong, deep black line. Very strong diagonals and verticals in the background add energy. The trouser leg is a couple of lines–that’s it. You definitely get a sense of movement, even though the figure is standing still.

This is an oil on panel, but if you’d told me this was a chalk or a pastel, I’d have believed you. How is Boldini getting that effect? He’s using very rapid brushstrokes. There’s no hesitation whatsoever. It’s him attacking the board, building up the colors of his composition as he goes. See where he spends his time–on the hands, the head, the neck. He spends less time on the right foot. That’s almost a ghost of where the shoe should be. I think the eyes are very warm and soft. The hands still look sketchlike, but he’s definitely concentrating, paying attention, because what is an artist without his hands? For all the looseness, there’s a sense of a triangular composition. You’re drawn to the face, then the hands, and back up. It’s really brilliant. It’s almost as if he didn’t think about it, but there’s definitely rhythm and reason behind the composition.

What is the portrait like in person? It’s a jewel, an absolute jewel. Our photo studio is amazing, and worked hard to get the colors as true as they are. Though they came very close, it’s never the same as seeing a piece in the room. With this piece, the pictures don’t do it justice. It’s really luminous. The colors are richer and more saturated. It seems more alive than it looks. It vibrates with energy when you see it in the flesh. And the scale of it is small and helps create the sense of it being jewel-like.

From the looks of the provenance, Boldini never gave this portrait to Sargent. Why might he have kept it? There’s no hard and fast reason why. I imagine because it’s a really lovely piece, a nice memento, he kept it close to his heart because he really treasured it. We can only speculate, and imagine where this testament of friendship would have sat in his studio, possibly making an interesting talking point with his clients.

How to bid: The Giovanni Boldini portrait of John Singer Sargent is lot 29 in the Impressionist and Modern Art Evening Sale at Christie’s London on February 27, 2019.

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