Day 1 in London, and there is tons to see -- and then, as always, tons to say. Following visits to the National Gallery to view "Renoir in Love" and Gagosian to see the 130-piece exhibition of Magritte and his legacy, I dropped by Sotheby's sale exhibition, where one can see highlights coming to the block later in the season, such as J.M.W. Turner's magnificent Rome, from Mount Aventine, to be offered in December with an estimate in the region of $50 million. That's the highest estimate of anything presently in the building, and perhaps for good reason. We may expect to see bidding come from cross-sector trophy collectors, not limited to those specializing in Old Masters or British painting.

Takeaway #1 (more of a reminder): The upper echelons of the Old Master sector are supply-constricted. When major works in the sector are available, like two recent Canalettos, they soared. (The second highest auction sale of 2025 was a Canaletto.)

Takeaway #2: This one came to me from a conversation with a gallery visitor from Rome. She rightfully remarked that the Italian Culture Ministry has recently been spending serious money on paintings, including a seriously weak Caravaggio -- an artist I love, but Portrait of Monsignor Maffeo Barberini is hardly a lovable painting.

Although Turner was not Italian, she observed that having this extraordinary painting in Rome could be a source of pride and an important tourist attraction. And it's a point well taken. Perhaps the concept of cultural heritage is often too narrowly understood. Rome was *the* pivotal pilgrimage destination for generations of artists. It may not even be an "either / or", but having one of the best artistic products of this mandatory rite of passage by a non-Italian artist could be even more meaningful than a poor example of a great Italian artist's work.