Cottone Auctions in Geneseo, New York, sold a George Washington painting by famous presidential portraitist Gilbert Stuart for $1.06 million (including 15% buyer's premium) on Saturday.
Provenance was part of the appeal to buyers. The consignor, who descended from John Jacob Astor, traced the ownership of the painting back to his great-grandfather John Winthrop Chanler, who served in the House of Representatives from 1863 to 1869, although previous generations may have owned it.
The buyer was Pennsylvania dealer Jeff Bridgman, bidding on behalf of a client. He was underbid by Grant Holcomb, director of the Memorial Art Gallery in Rochester.
The estimate was $200,000 to $300,000.