Is a £3.5 Million Almshouse Artwork the Biggest Surprise of the Year?

The triptych painting, recently valued at up to £3.5 million, is a significant artefact from the late 15th century, previously housed in St John's Almshouse in Sherborne, Dorset. The altarpiece, which depicts five miracles of Christ, will be auctioned on 3 December to fund the creation of new accommodation units for local residents in need, following the charity's recent closure of its original housing units.

Last updated: 03 November 2023 (BST)

What’s happening now

St John's Almshouse has made headlines after the discovery of a valuable triptych painting, which has been appraised at an astonishing £3.5 million by Sotheby’s auction house. This painting, attributed to an unknown Brussels-based artist from the late 15th century, was hidden away during periods of religious upheaval, preserving its condition for centuries. The decision to auction the painting comes as the almshouse seeks to address financial challenges, having closed most of its accommodation units earlier this year.

Key takeaways

The triptych has been valued at £3.5 million and will be auctioned on 3 December.
It is the only surviving work of a late 15th-century unknown artist.
The sale aims to fund six new accommodation units for local residents.

Timeline: how we got here

The journey of the triptych spans several centuries, with notable milestones including:

Late 15th Century: The painting is created by an unknown artist in Brussels.
19th Century: The artwork is rediscovered and placed on display at St John's Almshouse.
2023: Following a financial review, the almshouse closes its 19 accommodation units, leading to the decision to sell the painting.
3 December 2023: The triptych is scheduled to be auctioned by Sotheby’s.

What’s new vs what’s known

New today/this week

The recent appraisal of the triptych at £3.5 million is a recent development that has taken the almshouse trustees by surprise, prompting a strategic decision to auction the piece. This valuation indicates the significance of the painting, not only as a piece of art but also as a historical artefact.

What was already established

The painting has been known to exist for over a century, having been rediscovered in the 19th century. Its depiction of five miracles of Christ has been appreciated in the context of its religious significance, but its true monetary value had not been fully realised until now.

Impact for the UK

Consumers and households

The auction of the painting is expected to have a positive impact on local residents by providing funds for new accommodation units. As the almshouse adapts to financial challenges, the revenue generated from the sale could enhance housing options for those in need, addressing a pressing social issue in Sherborne.

Businesses and jobs

While the immediate focus is on the charity’s financial sustainability, the auction could also attract attention from art collectors and historians, potentially boosting local tourism and related businesses. However, the closure of existing accommodation units raises concerns about job losses among staff and the overall provision of services.

Policy and regulation

The decision to sell the painting aligns with broader discussions about the sustainability of charities and the effective management of historical assets. The auction could prompt other charitable organisations to reassess their own holdings and consider similar strategies for funding essential services.

Numbers that matter

£3.5 million: Estimated value of the triptych, highlighting its significance.
600 years: The duration for which the almshouse has been serving local residents in need.
19: The number of accommodation units that were closed earlier this year due to financial unsustainability.

Definitions and jargon buster

Triptych: A three-panel painting or carving, often used as an altarpiece in churches.
Almshouse: A house founded by a charitable organisation for the accommodation of those in need.
Sotheby’s: An international auction house renowned for fine art, jewellery, and collectibles.

How to think about the next steps

Near term (0–4 weeks)

In the lead-up to the auction on 3 December, attention will likely focus on the painting's final valuation and the interest it garners from potential bidders. The almshouse's trustees will also need to prepare for the logistics of the sale and any subsequent publicity.

Medium term (1–6 months)

Post-auction, the focus will shift to how the funds are utilised to create new accommodation units. The almshouse may also re-evaluate its operational strategies to ensure long-term sustainability and support for local residents.

Signals to watch

The final hammer price of the triptych at auction.
Plans for the development of new accommodation units funded by the sale.
Public and media interest in the auction and its implications for local charities.

Practical guidance

Do

Follow the auction closely to understand the final valuation and outcomes for local residents.
Engage with local charities to learn about their needs and how to support them.

Don’t

Assume that the sale will completely resolve the funding issues faced by the almshouse.
Overlook the potential impact on local employment related to the accommodation units.

Checklist

Stay informed about the auction date and results.
Understand how the proceeds will be allocated to community projects.
Explore opportunities to volunteer or support local charitable initiatives.

Risks, caveats, and uncertainties

While the triptych's valuation is promising, there are uncertainties regarding the final auction price and the effectiveness of the proceeds in addressing the almshouse's financial challenges. Additionally, the potential disruption caused by the closure of accommodation units raises concerns about the immediate impact on vulnerable residents and the charity's long-term sustainability.

Bottom line

The impending auction of the triptych represents a critical juncture for St John's Almshouse, providing an opportunity to secure funding for new accommodation units. The outcome will not only impact the charity's operational capabilities but also reflect broader trends in how historical assets can be leveraged to support community needs. It underscores the importance of sustainable practices for charitable organisations in today’s economic landscape.

FAQs

What is the significance of the triptych painting?

The triptych painting is significant as it is valued at £3.5 million and represents the only surviving work of an unknown artist from the late 15th century, depicting five miracles of Christ.

When will the triptych be auctioned?

The triptych is scheduled to be auctioned on 3 December 2023, with the proceeds aimed at funding new accommodation for local residents.

How will the funds from the auction be used?

The funds from the auction will be used to create six new accommodation units for individuals in need, supporting the charity's mission to provide housing for local residents.