A guide to Old Master prints

Specialist Tim Schmelcher addresses the key questions for prospective collectors in a field spanning the centuries from the earliest European prints to the masterpieces of Dürer, Rembrandt and Goya

Rembrandt Harmensz. van Rijn (1606-1669), Christ crucified between the two Thieves: ‘The Three Crosses’, 1653. Drypoint on laid paper, without watermark. Plate & sheet: 387 x 451 mm. Estimate: £800,000-1,200,000. Offered in The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn — Part II on 5 December 2024 at Christie’s in London

What is an Old Master print?

The term refers to any printed image, irrespective of the printing technique employed, that was created during the period from the beginning of printmaking in Europe to the end of the 18th century or early 19th century. The works of the great graphic visionary Francisco de Goya (1746-1828), who has been described as ‘the last Old Master and the first modern artist’, serve as a useful, if somewhat arbitrary, end point.

How were the first prints made?

The earliest printed images in Europe were created in the 14th century, by which time China was already looking back at a 1,000-year-old printmaking tradition. In the West, the idea of creating images by printing, rather than painting or drawing, probably emerged from the production of textiles and the practice of stamping pieces of fabric with repeat patterns.

An abstract, floral, or perhaps even simple figurative ornament would be carved into a wooden block. By pressing the inked or painted block onto a textile while the pigments were still moist, the design would be transferred, very much like a rubber stamp.

From this method of ornamentation, it was only a small step to cutting a stand-alone image into the block, which could then be printed onto cloth, vellum or, with the establishment of the first paper mills in Europe around this time, paper. There are very few surviving examples of these early prints, which were created by anonymous craftsmen.

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Anonymous, The Pieta, circa 1450, sold for £223,750 on 3 July 2001 at Christie's in London

Anonymous, The Pietà, circa 1450. Woodcut, printed in black, with extensive early hand-colouring in red lake, light brown, yellow, green, flesh pink and rose pink. Sheet: 403 x 275 mm. Sold for £223,750 on 3 July 2001 at Christie’s in London

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Francisco de Goya y Lucientes, Los Caprichos, sold for £126,000 on 2 July 2024 at Christie's in London

Francisco de Goya y Lucientes (1746-1828), Los Caprichos. Fine to very good impressions, printing very sharply, with strong contrasts and bright highlights. Plates: 215 x 150 mm. Sheets: 297 x 205 mm (and similar). 368 x 295 x 50 mm (overall). Sold for £126,000 on 2 July 2024 at Christie’s in London

Most early prints appear to have been images intended for private devotion, such as the ‘Man of Sorrows’, the Virgin or a saint, depicted in relatively simple outlines and meant to be hand-coloured. The question of where the very first woodcuts in Europe were made, whether in Italy or north of the Alps, is still a matter of research and academic debate.

When did engraving emerge, and how did it evolve?

Engraving emerged slowly, and quite independently, some decades later. This happened, possibly simultaneously, in central Italy and the Upper Rhine (modern-day Alsace, south-west Germany and northern Switzerland), in the workshops of goldsmiths and silversmiths. It is no coincidence that Martin Schongauer (c. 1445-91), the very first northern engraver known to us by name, came from Colmar in Alsace, and was born into a family of goldsmiths. Albrecht Dürer (1471-1528), the towering figure of the next generation, was also the son of a goldsmith.

Martin Schongauer (c. 1445-1491), The Death of the Virgin, circa 1470-74. Engraving, on laid paper, watermark profile head, a superb, rich impression of the second state (of three). Sheet: 257 x 172 mm. Sold for $492,500 on 29 January 2019 at Christie’s in New York

Perhaps in order to keep a record of the engraved decorations on metal objects such as boxes, plates or armour, goldsmiths and silversmiths would rub the surfaces with ink and create an impression of the incised ornamentation by pressing a piece of paper against it. It only took a change of perspective to realise that metal plates could be engraved specifically for the creation of images, and that multiple impressions of these images could be printed.

Most of the earliest engravings were quite small, hand-coloured and pasted into books, thus serving as cheap substitutes for illuminations. Another practical application of the new technique was the printing of playing cards — indeed, the first recognisable (though anonymous) artist of this new medium is known as ‘The Master of the Playing Cards’. A wonderfully elegant example of the artist’s work, the so-called Queen of Flowers B — known only in this one impression — was sold at Christie’s in London in 2006.

What are the differences between woodcuts and engravings?

Woodcuts are relief prints, which means that the lines and surfaces standing proud on the printing block constitute the image, while all blank areas have to be carved down. For engravings, the opposite is true: they are intaglio prints, which means that the image is created by grooves cut into the metal plate, while the surface remains blank. Etchings, aquatints and drypoints all belong to the latter category. Etchings and aquatints are made by using acid to bite the recesses into the plate, whereas lines are scratched directly into the plate to create a drypoint.

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Albrecht Direr, The Four Horsemen of the Apocalypse, from: The Apocalypse, circa 1497-98, sold for £93,750 on 10 December 2019 at Christie's in London

Albrecht Dürer (1471-1528), The Four Horsemen of the Apocalypse, from: The Apocalypse, circa 1497-98. Woodcut, on laid paper, without watermark, a very good, exceptionally early impression from the first Latin text edition of 1498. Block: 393 x 282 mm. Sheet: 395 x 284 mm. Sold for £93,750 on 10 December 2019 at Christie’s in London

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Rembrandt, Ephraim Bonus, Jewish Physician, 1647, offered in The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn - Part II on 5 December 2024 at Christie's in London

Rembrandt Harmensz. van Rijn (1606-1669), Ephraim Bonus, Jewish Physician, 1647. Etching, engraving and drypoint. Printing with rich burr on the cloak, the banister and elsewhere. Plate: 207 x 177 mm. Sheet: 252 x 187 mm. Estimate: £40,000-60,000. Offered in The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn — Part II on 5 December 2024 at Christie’s in London

How did these techniques develop over time?

In the early days, the woodblock or engraved plate would simply be pressed onto or rubbed against the paper by hand — processes that would quite quickly be replaced by the use of printing presses. With improved technology and increased demand, hundreds of impressions could be printed. Often, especially in the case of famous printmakers such as Dürer and Rembrandt, the blocks or plates continued to be used for printing long after the artist’s demise — sometimes well into the 19th or even the 20th century.

Albrecht Dürer (1471-1528), Melencolia I, 1514. Engraving on laid paper, without watermark. A very fine, atmospheric Meder lla impression. Sheet: 239 x 188 mm. Sold for £201,600 on 2 July 2024 at Christie’s in London

It is the deterioration of the printing ‘matrix’ (the block or plate) that raises a fundamental question every collector or print specialist is trying to answer when looking at a print: when was it printed? The print of Dürer’s Melencolia I above is a very fine, early impression of this famous and important work of 1514. ‘It looks silvery, yet warm, with strong yet subtle contrasts and great clarity,’ says Christie’s specialist Tim Schmelcher.

How important is the question of when an Old Master print was made in determining its value?

This is the question. It is not a matter of mere snobbery, or of authenticity — the sense that a sheet was handled by the artist and printed in his workshop — but of quality and aesthetic pleasure.

The pressure in the printing press is enormous, and with each run the block or plate wears. Little by little, the fine ridges of a woodblock are flattened or break, and the block may even crack. Later impressions of woodcuts show gaps; the lines become broader, and the image coarse and uneven. The engraved lines in a metal plate lose their depth and sharpness. Later impressions of engravings become grey and weak, as the grooves hold less ink and the finest lines begin to disappear.

While fine early impressions of both techniques give the beholder a sense of depth and atmosphere, very late impressions can appear one-dimensional and lifeless.

How many good impressions of a print could be made?

There is no clear answer to this, and it very much depends on the quality and depth of the cutting or engraving. Lucas van Leyden (1494-1533), Dürer’s great Netherlandish contemporary, engraved very lightly; fine early impressions of his prints are hence very rare.

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Lucas van Leyden, The Virgin and Child with two Angels, 1523, sold for $52,500 on 29 January 2019 at Christie's in New York

Lucas van Leyden (1494-1533), The Virgin and Child with two Angels, 1523. Engraving, on laid paper, watermark Gothic P with small flower, a very fine, atmospheric impression of the first state (of three). Plate: 148 x 101 mm. Sheet: 149 x 102 mm. Sold for $52,500 on 29 January 2019 at Christie’s in New York

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Albrecht Durer, Cardinal Albrecht of Brandenburg (The Small Cardinal), 1519, sold for $2,520 on 24 January 2023 at Christie's in New York

Albrecht Dürer (1471-1528), Cardinal Albrecht of Brandenburg (‘The Small Cardinal’), 1519. Engraving, on laid paper, without watermark, a very good Meder Ia impression. Sheet: 147 x 97 mm. Sold for $2,520 on 24 January 2023 at Christie’s in New York

A portrait print by Dürer of Cardinal Albrecht of Brandenburg, on the other hand, gives us a rare indication of the numbers of impressions printed and the prices paid. In 1520, he sent two hundred impressions and the copper plate to the cardinal, and received 200 gold guilders and a quantity of fine cloth by way of payment. This provides some evidence as to a possible print run at the time. (The idea of a ‘limited edition’ only arose in the second half of the 19th century.)

How can one determine when a print was made?

First and foremost, it is a question of quality — how strong, clear and rich the image appears. Printing quality, however, is a matter of judgment and experience, and therefore subjective. In many instances, there is hard evidence concerning the chronology of the printing, as prints often exist in different ‘states’.

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Rembrandt, Jan Lutma, Goldsmith, 1656, sold for £302,400 on 7 December 2023 at Christie's in London

Rembrandt Harmensz. van Rijn (1606-1669), Jan Lutma, Goldsmith, 1656. Etching with engraving and drypoint on laid paper, watermark foolscap with seven-pointed collar (Hinterding A.B). A superb, very atmospheric impression of this important portrait. First state (of five). Plate: 228 x 176 mm. Sheet: 249 x 198 mm. Sold for £302,400 on 7 December 2023 at Christie’s in London

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Rembrandt, Jan Lutma, Goldsmith, 1656, offered in The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn - Part II on 5 December 2024 at Christie's in London

Rembrandt Harmensz. van Rijn (1606-1669), Jan Lutma, Goldsmith, 1656. Etching with engraving and drypoint on oatmeal paper. A very fine, atmospheric impression of this important portrait. Second/third state (of five). Sheet: 196 x 149 mm. Estimate: £50,000-70,000. Offered in The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn — Part II on 5 December 2024 at Christie’s in London

For example, when Rembrandt first created the portrait etching of Jan Lutma, Goldsmith in 1656, he left the background mostly blank and printed a few impressions of it. Shortly after, he decided to add a window to the background of the plate, and printed some additional impressions.

Catalogues raisonnés of many of the most important printmakers describe such ‘states’ — deliberate or sometimes accidental changes (such as scratches or cracks) to the printing plates or blocks, which help to distinguish early from later or very late impressions.

Is the type of paper used significant?

Much research has been carried out to determine the types of paper used by different printmakers over the course of their careers. From early on, paper mills marked their papers with watermarks. It is well documented, for example, that until about 1520, Dürer frequently used paper with a watermark in the shape of a bull’s head, and that early impressions of certain prints etched by Rembrandt during the 1640s appear on paper with a ‘fool’s cap’ watermark.

An example of a ‘fool’s cap’ watermark

The recto of Albrecht Dürer, The Promenade, circa 1498. Stamps on the reverse include a de-accession stamp from the Kupferstichkabinett der Staatlichen Museen, Berlin, and one from the British Museum, London, initialled by Arthur M. Hind, the museum’s Keeper of Prints & Drawings (1933-45)

Impressions printed decades or even centuries later would be on different papers, with other watermarks. Unfortunately, there are instances where the image may have been printed on part of a sheet that does not have a watermark, in which case we have to rely on the paper structure alone to determine the approximate date of its production. Generally speaking, the finer the ‘grid’ of the paper, the earlier it is.

What other factors can affect the value of a print?

The state of conservation, the rarity, importance and desirability of the subject, the knowledge of who is active in the market at that moment, general changes of taste, and provenance. From the 17th century onwards, print collectors and dealers tended to mark their holdings with inscriptions and stamps, usually on the reverse of the sheets.

Rembrandt Harmensz. van Rijn (1606-1669), The Monk in the Cornfield, circa 1646. Etching and drypoint on laid paper, without watermark. Plate: 48 x 66 mm. Sheet: 57 x 72 mm. Estimate: £150,000-250,000. Offered in The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn — Part II on 5 December 2024 at Christie’s in London

Some historical collections are famous among the cognoscenti for their quality and size. To be able to trace a print back to one or perhaps several such celebrated collections ‘ennobles’ the print and raises its value, giving the owner or potential buyer the confidence that it is indeed a fine and important example. In 2023 and 2024, Christie’s in London has presented The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn across two sales, with Part II being offered on 5 December 2024. Josefowitz assembled the finest collection of the Dutchman’s prints in private hands — one that is without equal in the depth, quality and rarity of its holdings.

How is the market changing?

While the big names — Dürer and Rembrandt, above all — still dominate the market in terms of the numbers of prints offered and prices achieved, fine early impressions of their prints have become quite scarce.

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At the same time, unusual and dramatic images by lesser-known printmakers, such as Daniel Hopfer (1470-1536) and Hendrick Goltzius (1558-1617), have become increasingly sought-after.

The Sam Josefowitz Collection: Graphic Masterpieces by Rembrandt van Rijn — Part II will be offered at Christie’s in London on 5 December 2024

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