Colnaghi
Colnaghi is a historic London art dealership specializing in European Old Master paintings, drawings, sculpture, prints, and art from the Spanish-speaking world.
Last updated October 30, 2026
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Overview
Colnaghi is a London-based art dealership whose origins reach back to 1760, when the Italian fireworks manufacturer Giovanni Battista Torre established a Paris shop selling scientific instruments, books, and prints. The business developed into one of the most enduring names in the international art trade after Torre's son Anthony opened a London branch in 1767 and Paul Colnaghi joined the enterprise during the 1780s. The Colnaghi name became associated first with the publication and sale of prints, and later with the trading of Old Master paintings, drawings, sculpture, and works on paper. The firm operated through several partnerships and premises during the late eighteenth and nineteenth centuries. Paul Colnaghi helped build a substantial clientele among British aristocrats and became an official print-seller to the Prince Regent, later George IV. The dealership published popular print series, including the Cries of London, and participated in exhibitions and projects involving artists such as John Constable, Eugène Delacroix, William Simpson, Roger Fenton, Leonida Caldesi, Mattia Montecchi, and Julia Margaret Cameron. These activities placed Colnaghi at the intersection of commercial dealing, print publishing, exhibition organization, and the emerging market for artistic photography. During the late nineteenth century, the firm shifted decisively toward Old Master paintings. The partnership formed in the 1890s by William McKay, Edmund Deprez, and Otto Gutekunst benefited from the dispersal of aristocratic collections, changes in inheritance and land law, the introduction of death duties, and growing American demand for European art. Colnaghi worked with prominent scholars and dealers, including Bernard Berenson, Max Jakob Friedländer, Wilhelm von Bode, and Charles Carstairs of Knoedler. It helped place important works with collectors and institutions in Britain, continental Europe, and the United States, including the collections of Isabella Stewart Gardner, Henry Clay Frick, Andrew Mellon, and the Berlin State Museums. The dealership was also involved in the controversial export and sale of works from the former Russian Imperial collections by the Soviet government during the 1920s and 1930s. Through transactions involving Knoedler and Matthiesen, Colnaghi assisted in the movement of major European paintings to private collectors and museums, including works later held by the Calouste Gulbenkian Museum and the National Gallery of Art in Washington, DC. These transactions form an important part of the history of twentieth-century collecting, while also reflecting the ethical and provenance questions surrounding state-sponsored disposals of cultural property. Colnaghi became a limited company in 1937 and continued to evolve under successive directors. Its Old Master Drawings department became particularly influential under James Byam Shaw. Ownership changed several times in the second half of the twentieth century: Jacob Rothschild acquired the company in 1970, the Oetker Group purchased it in 1981, and Konrad Bernheimer acquired it in 2001. The firm expanded to New York in 1983, but later closed its print and watercolour departments, Paris operation, and New York gallery amid changing market conditions. Since 2015, Jorge Coll has led Colnaghi and remains its principal dealer and shareholder. The business moved to a purpose-built gallery in St James's, London, where it presents European Old Master paintings and sculpture as well as art connected with the Spanish-speaking world. In 2017 it reopened a New York presence under Carlos A. Picón, broadening its offering to include ancient Greek and Roman art. A modern and contemporary department was established in 2019 under Victoria Golembiovskaya, although she left the firm at the end of 2021. Colnaghi also maintains a substantial historical archive, including records from important art dealers, held at Windmill Hill Archives at Waddesdon Manor. Today the company operates as a specialist international dealership serving collectors, museums, estates, and institutions. P. & D. Colnaghi & Co. is a renowned art dealer and publisher based in London, founded in the 18th century, holding a significant position in the art market, dealing in Old Master paintings, prints, etc.
History
The enterprise that eventually became Colnaghi began in Paris in 1760, when Giovanni Battista Torre opened a shop known as the Cabinet de Physique Expérimentale. Torre sold scientific instruments, books, and prints. His son Anthony Torre moved to London in 1767 and established a related print business with Anthony Molteno. After Giovanni Torre's death, Paul Colnaghi, originally Paolo Colnago from northern Italy, joined the Paris operation in the mid-1780s and then moved to London. The London business relocated to Pall Mall in 1786. After Torre retired, the partnership operated under the Molteno, Colnaghi & Co. name, with Paul Colnaghi developing the enterprise as a publisher and dealer in new prints and engravings after Old Master paintings. The firm issued the Cries of London series between 1792 and 1797 and moved to Cockspur Street in 1799. It maintained its trade during the upheaval caused by the Napoleonic Wars. Colnaghi's aristocratic clientele included members of the British royal family, and he became print-seller to the Prince Regent and later received a Royal Warrant from George IV. Paul's sons Dominic and Martin entered the business, but family litigation in 1824 produced a division. Martin's separate operation later encountered bankruptcy, while Paul and Dominic continued the main business from Pall Mall East, close to the newly established National Gallery. The firm supported exhibitions and artists, including helping John Constable present The Hay Wain at the Paris Salon of 1824. In the nineteenth century it also organized exhibitions for the British Institution and presented works by Eugène Delacroix. John Anthony Scott joined Dominic in 1839. Under Scott and later proprietors, Colnaghi broadened its activities into documentary and artistic photography. It commissioned imagery connected with the Crimean War and the Manchester Art Treasures Exhibition, sold photographs by Roger Fenton, and published work by Julia Margaret Cameron. These activities demonstrated the firm's continuing interest in new reproductive and visual technologies as well as traditional prints. A major strategic change occurred in the 1890s, when William McKay, Edmund Deprez, and Otto Gutekunst reshaped the dealership around original Old Master paintings. Market conditions encouraged the release of aristocratic collections: legal changes made it easier to sell inherited estates, death duties increased pressure to liquidate assets, and American collectors developed a strong appetite for European art. Colnaghi worked with scholars and international dealers to assemble collections for Isabella Stewart Gardner, Henry Clay Frick, Andrew Mellon, and museums in Europe and the United States. Its transactions included important works attributed to or created by Titian, Botticelli, Rembrandt, Holbein, Van Dyck, Raphael, Perugino, and Jan van Eyck. The firm's international activity expanded through its relationship with Knoedler in New York. Colnaghi sourced European paintings for American clients, helping transfer major works across the Atlantic. It also participated in the sales of works from the former Russian Imperial collections conducted by the Soviet government in the 1920s and 1930s. These sales supplied important museums and private collections but have remained subjects of historical and provenance scrutiny because they involved state disposals, disputed ownership histories, and the export of culturally significant works. Colnaghi became a limited company in 1937. During the twentieth century its Old Master Drawings department became especially influential under James Byam Shaw. The firm moved from New Bond Street to Old Bond Street in 1940, sharing premises with Knoedler, and handled important collections of prints and drawings. Ownership changed from the Thesiger and Baskett era to Jacob Rothschild in 1970, then to the Oetker Group in 1981. During the expanding art market of the 1980s, Colnaghi opened in New York, but later market changes led to the closure of its print and watercolour departments, followed by the Paris and New York galleries. Konrad Bernheimer acquired Colnaghi in 2001 and merged it with the gallery associated with Katrin Bellinger, who took responsibility for the drawings department. Jorge Coll acquired the business from Bernheimer in 2015 and became its chief executive and principal shareholder. Colnaghi subsequently moved into a purpose-built St James's gallery focused on European Old Master paintings and sculpture, with additional emphasis on art from the Spanish-speaking world. A New York gallery opened in 2017 under Carlos A. Picón and added ancient art. In 2019, Victoria Golembiovskaya joined as co-chief executive to establish a modern and contemporary department; she left in 2021. Colnaghi's archives, including extensive records of historic dealers, are held at Windmill Hill Archives at Waddesdon Manor, while ownership of the Colnaghi Library and Archives is held by Colnaghi Holding Ltd.
- 2017
New York operation is relaunched
[1]A New York gallery led by Carlos A. Picón expands the dealership into ancient Greek and Roman art.
- 2015
Jorge Coll takes control
[1]Jorge Coll acquires Colnaghi from Konrad Bernheimer and becomes chief executive and principal shareholder.
- 2001
Konrad Bernheimer acquires Colnaghi
[1]Bernheimer purchases the dealership and later combines it with the gallery associated with Katrin Bellinger.
- 1983
New York gallery opens
[1]Colnaghi expands its international presence with a New York gallery.
- 1981
Oetker Group ownership begins
[1]The Oetker Group acquires Colnaghi.
- 1970
Jacob Rothschild acquires the company
[1]Rothschild purchases Colnaghi as earlier directors prepare to retire.
- 1937
Colnaghi becomes a limited company
[1]The business is incorporated with Otto Gutekunst, Gustavus Mayer, and James Byam Shaw as directors.
- 1914
The historic company name returns
[1]The firm returns to P. and D. Colnaghi and Company.
- 1911
Merger with Obach & Co.
[1]Colnaghi merges with Obach & Co. and temporarily adopts the P. & D. Colnaghi and Obach name.
- 1894
New partnership accelerates the Old Master focus
[1]Edmund Deprez and Otto Gutekunst join William McKay, marking a major shift from print dealing toward original Old Master paintings.
Products and positioning
A heritage-led specialist art dealership positioned at the high end of the international art market, combining historical expertise, scholarship, collection-building, and sales of museum-quality works.
Fine art dealership
European Old Master paintings
The firm's principal current specialty is the dealing and presentation of European paintings created before the modern period. Colnaghi works with museum-quality works by major and historically important artists, offering scholarship, provenance research, and access to private collectors and institutions. Its historic transactions involved works associated with Titian, Botticelli, Rembrandt, Holbein, Van Dyck, Raphael, Perugino, and Jan van Eyck.
Works on paper
Old Master drawings
Colnaghi has a long-standing reputation in Old Master drawings and works on paper. The department became especially prominent under James Byam Shaw and was strengthened through the firm's later association with Katrin Bellinger. The offering centers on research-intensive, historically significant drawings for specialist collectors and museums.
Sculpture
European sculpture
The St James's gallery presents European sculpture alongside paintings. This category extends Colnaghi's Old Master expertise beyond two-dimensional works and supports the sale of high-value historic objects to collectors and institutions.
Print publishing and dealing · 1760
Prints and engravings
Prints and engravings were the firm's original commercial focus. Colnaghi published reproductive engravings after paintings, handled works by leading printmakers, and issued the Cries of London series. Although its dedicated print department later closed, this activity remains central to the firm's historical identity.
Ancient art · 2017
Ancient Greek and Roman art
The New York operation broadened Colnaghi's scope into ancient-world art, particularly Greek and Roman material. The expansion connected the firm's traditional collecting expertise with a wider international market for antiquities and classical art.
Modern and contemporary art · 2019
Modern and contemporary art
Colnaghi established its first modern and contemporary department in 2019 under Victoria Golembiovskaya. The initiative represented a diversification beyond the dealership's historic focus, although Golembiovskaya subsequently left the firm at the end of 2021.
Controversies
1928
Participation in Soviet sales of former Imperial collections
Colnaghi worked with Knoedler and Matthiesen in transactions involving the Soviet government's sale of works from the former Russian Imperial collections. The sales placed important paintings with major collectors and museums, but their state-disposal context and subsequent provenance questions make them a contested chapter in the history of the art market.
Marketing campaigns
- 1857Gems of the Manchester Art Treasures Exhibition
United Kingdom
The firm commissioned Leonida Caldesi and Mattia Montecchi to photograph works at the Manchester Art Treasures Exhibition.
Outcome. The resulting publication extended Colnaghi's role into the distribution of art photography and exhibition documentation.
- 1854The Seat of War in the East
United Kingdom · International
Colnaghi commissioned William Simpson to produce watercolour views of the Crimean War, subsequently published as a series of lithographs.
Outcome. The project became an early example of the firm's engagement with illustrated current events and documentary imagery.
- 1792Cries of London
United Kingdom
Colnaghi published a commercially successful sequence of engravings depicting London street sellers and urban life.
Outcome. The series strengthened the firm's reputation as a print publisher and dealer.
Brand decisions
2019
Creation of a modern and contemporary departmentStrategyBackground
Colnaghi explored a broader chronological range while maintaining its established expertise in historic art.
Action taken
Victoria Golembiovskaya joined as co-chief executive to establish the firm's first modern and contemporary department.
Aftermath
Golembiovskaya left at the end of 2021 to establish an independent agency; Jorge Coll remained the main dealer and shareholder.
2017
Expansion into ancient Greek and Roman artProduct launchBackground
The firm sought to broaden its international offering while retaining a specialist, museum-oriented positioning.
Action taken
Colnaghi opened a New York gallery led by Carlos A. Picón and added ancient-world art.
Aftermath
The expansion diversified the dealership's program beyond European Old Masters.
2015
Jorge Coll acquires ColnaghiM&ABackground
Konrad Bernheimer retired as chairman after owning the dealership for more than a decade.
Action taken
Jorge Coll acquired Colnaghi and assumed leadership as chief executive, principal dealer, and shareholder.
Aftermath
Colnaghi moved into a purpose-built St James's gallery and developed a broader international program.
2001
Acquisition by Konrad BernheimerM&ABackground
The Oetker Group ended its ownership of the dealership.
Action taken
Konrad Bernheimer acquired Colnaghi and combined it with the gallery associated with Katrin Bellinger.
Aftermath
The combination reinforced Colnaghi's position in Old Master paintings and drawings before Jorge Coll's acquisition in 2015.
1989
Closure of print and watercolour departmentsStrategyBackground
Changing conditions in the art market affected the economics and strategic value of some specialist departments.
Action taken
Colnaghi closed its print and watercolour departments, followed later by its Paris gallery and New York operation.
Aftermath
The business became more concentrated on Old Master paintings and related specialist areas.
1981
Oetker Group acquisitionM&ABackground
Colnaghi was operating in an increasingly international and commercially expanding art market.
Action taken
The Oetker Group acquired the dealership.
Aftermath
The company expanded during the 1980s, including through a New York gallery, before later retrenchment.
1970
Jacob Rothschild acquires ColnaghiM&ABackground
The company faced a transition as established directors and partners sought retirement.
Action taken
Jacob Rothschild purchased the company.
Aftermath
Ownership later passed to the Oetker Group in 1981.
1911
Merger with Obach & Co.M&ABackground
The existing partnership was being reshaped as senior partners retired and relationships between the two firms became closer.
Action taken
Colnaghi merged with Obach & Co. and adopted a combined name before reverting to its historic name in 1914.
Aftermath
The merger expanded the firm's partnership network and maintained its position in the international art trade.
1894
Shift from print dealing toward Old Master paintingsStrategyBackground
Changes in inheritance law, death duties, the breakup of aristocratic collections, and increasing American demand created an expanding market for original European paintings.
Action taken
The partnership of William McKay, Edmund Deprez, and Otto Gutekunst developed Colnaghi's business as a specialist Old Master dealership.
Aftermath
The firm became internationally recognized for placing major European paintings with private collectors and museums.
Sources2 sources
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