One of the most significant views of Venice by Canaletto is set to go under the hammer this summer, bringing with it a compelling story of art, power, and place. Titled Venice, the Return of the Bucintoro on Ascension Day, the painting will headline Christie’s Old Masters Evening Sale in London on July 1, 2025, during the auction house’s Classic Week. With an estimate upon request, the work is expected to exceed £20 million.
Painted circa 1732, this luminous view captures Venice at its most ceremonial. It marks Canaletto’s first known depiction of the Bucintoro festivities, a subject he would return to multiple times. Exceedingly rare at auction, this painting has only appeared twice in its 300-year history: once in 1751 and again in 1993. Its surface remains remarkably intact, with textured details and rich impasto bringing vitality to the figures.
What sets this picture apart, beyond its visual strength, is its early provenance. The work once hung at 10 Downing Street and belonged to Britain’s first Prime Minister, Sir Robert Walpole. It was first recorded there in 1736 and remained in his collection until his grandson, George Walpole, sold it in 1751. This makes it, along with its former pendant of The Grand Canal, one of the earliest recorded Canalettos to enter an English home, predating King George III’s acquisition of Consul Joseph Smith’s collection by nearly 25 years.
The painting will be showcased in London, from June 27 to July 1, before being auctioned.
Andrew Fletcher, Christie’s Global Head of the Old Masters Department, said, “Seldom does a true masterpiece such as this, particularly by a painter as important as Canaletto, appear on the art market, and it is utterly thrilling to be handling its sale. This extraordinary painting of the grandest and most familiar view of Venice, by the city’s most recognisable painter, dates to Canaletto’s finest period and is as notable for its illustrious provenance as much as for its impeccable condition. It is unquestionably the greatest work by the artist to have come to the market in a generation.”
The painting was once accompanied by its pendant, The Grand Canal, looking North-East from Palazzo Balbi to the Rialto Bridge, with both works remaining together until 1993. That year, Venice, the Return of the Bucintoro reappeared at auction at Ader Tajan, setting a record price for an Old Master painting in France. The pendant, sold again in 2005, still holds the world auction record for Canaletto.
Their early history only came into focus recently, after art historian Sir Oliver Millar discovered both works listed in a 1736 manuscript detailing the 10 Downing Street collection and in the 1751 auction records, a copy of which is preserved in the National Art Library at the Victoria & Albert Museum. It’s possible Sir Robert Walpole acquired them through his son Edward, who was sent to Venice in 1730 to buy art, though the paintings likely date slightly after Edward’s return. Their purchase coincides with the 1732–35 refurbishment of the Downing Street residence by architect William Kent, who unified two adjoining houses into a 60-room complex. Sir Robert lived there until 1742, after which he moved his art to Houghton Hall.
The subject of the painting, the Return of the Bucintoro—marks one of Venice’s most grandiose traditions. Held 40 days after Easter, the Feast of the Ascension was a public celebration during which the Doge sailed to the Lido on the Bucintoro, a gilded ceremonial barge, and cast a ring into the water to symbolise Venice’s union with the sea. The model shown in the painting was the last of its kind, created by Stefano Conti and decorated by Antonio Corradini. The view is set in the Bacino di San Marco, a spot that often served as the first visual encounter for visitors arriving in Venice by water.
Canaletto’s composition is filled with movement and detail. Controlled brushstrokes capture parasols, ribbons, and gondoliers in motion. Vivid red accents guide the eye across the canvas, while the shimmering lagoon reflects light with soft arcs. Figures in gondolas, a standing Bucintoro, and distant crowds on the Molo all appear with a light, precise touch. Even the cloud formations and hazy horizon speak to the artist’s attention to atmosphere. Though the scene feels effortless, every element, from architectural outlines to weather effects, is executed with exacting clarity.
This sale will form part of Christie’s Classic Week, which includes a programme of exhibitions, auctions, and public activities held during London’s Summer Season.
