A church almshouse in Dorset has decided to sell a rare altarpiece to provide housing for local people, after discovering it could be worth over £3m.
The trustees of the Almshouse of Saint John the Evangelist and John the Baptist in Sherborne had asked Sotheby’s to safeguard the triptych artwork while building work was taking place. The auction house analysed the piece and concluded it had been crafted from oak in Brussels in the late 15th century, making it a rare piece of Flemish art.
The 8ft wide, 3ft high piece which depicts five miracles of Christ including the raising of Lazarus, is being auctioned at Sotheby’s on 3 December and is expected to reach between £2.5m and £3.5m.
On discovering the value of the artwork, trustees had decided unanimously to sell it for the good of the community.
Chair of the Almshouse Trustees, Richard Hunt said: “For nearly 600 years, our mission has been to provide accommodation for local people in need and now, with the sale of this artwork, we have an important opportunity to protect the work that the charity can do for generations to come.”
He added that the potential costs of insuring the work and providing security and a climate-controlled environment would be prohibitive for the charity:
“The Almshouse has been the privileged custodian of this artwork for a long time, but in light of its newly-revealed importance and value, we feel we must secure its preservation in an environment where it will be better conserved, and to use the funds to do what the Almshouse is here for – providing accommodation for local people in need in the heart of Sherborne.”
Trustees are hoping that proceeds from the sale of the triptych will fund the re-modelling of the inside of the almshouse building to create six new homes, enabling independent living for members of the local community facing hardship. The sale will also help towards on-going maintenance costs of the Grade I listed almshouse.
A Sotheby’s spokesperson said it was rare to see an altarpiece which had “preserved its integrity from its construction and execution right through to the present day, for it has never left the almshouse in which it has been housed.”