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Italian Post-War art: the market for Fontana, Burri, Castellani, Manzoni, Morandi and de Chirico

How does the market for Italian Post-War art work? It is led by Lucio Fontana, whose record is 29.2 million dollars (Christie's New York, 2015), with Burri, Manzoni and Castellani behind him and Morandi and de Chirico as the earlier masters. The top works sell mainly in London and New York, with Milan as the domestic market. Two things are particular to Italy: the artist archives decide what the market accepts, and works that the Italian state declares of cultural interest cannot leave the country permanently.

Key takeaways

London, October 2014

Frieze week, October 2014. Christie's Italian sale in London made 27.6 million pounds, a record total for the category. The following night Sotheby's made 41.4 million, and Piero Manzoni's Achrome of 1958-59 sold for 12.6 million pounds against an estimate of 5 to 6 million. In the same week Enrico Castellani's Superficie bianca of 1967 set his record at 3.8 million pounds (The Art Newspaper).

Twelve years on, London's autumn Italian sales are still where Italian Post-War art is priced. New York takes the most expensive Fontanas. Milan takes everything else, and plenty of good works too.

Lucio Fontana, the anchor

Fontana's record is 29.2 million dollars for Concetto spaziale, La fine di Dio (1963), Christie's New York, 10 November 2015 (Artnet News). The large egg-shaped La fine di Dio canvases and the Venice paintings sit at the top: Concetto spaziale, Il cielo di Venezia (1961) made 16.4 million dollars at Sotheby's New York on 14 May 2026 (HENI News).

Below them is a wide market of Attese, the slashed canvases, from a few hundred thousand dollars to a few million. HENI counts about 210 Fontana lots offered in the two years to May 2026, 77% sold, for 135.2 million dollars. For an Italian artist that is unusual depth, and it is the reason Fontana is often the first Italian name in a blue-chip collection. Unicorn Art Watch follows his results at https://artwatch.unicorn-club.com/artists/lucio-fontana.

Burri, Manzoni, Castellani: thinner markets

Alberto Burri's record is Sacco e Rosso (1954), 9.1 million pounds at Sotheby's London on 10 February 2016 (Milano Finanza). His Sacchi, Combustioni and Cretti are rare at auction: HENI counts 28 lots in two years to May 2026, 71% sold, for 12 million dollars.

Manzoni's 2014 record still stands. His Achromes sell far more often at a few hundred thousand dollars; one of 1958 made 686,500 dollars at Sotheby's London on 4 March 2026 (HENI News). HENI counts 33 lots in two years, 63% sold.

Castellani has the smallest market of the three in value: 32 lots in two years to May 2026, 81% sold, for 2.96 million dollars (HENI). His record is the 2014 Superficie bianca.

With so few sales, one important work coming up or failing to sell can change the picture for a year. That is the opposite of Fontana.

Morandi and de Chirico

Giorgio Morandi's still lifes have a steady international following. His record is 4.33 million dollars for a Natura morta of 1940 at Christie's New York on 8 May 2018 (HENI News); a Natura morta of 1952 made 3 million dollars at Christie's New York on 17 November 2025 (HENI News), and in Milan a 1959 still life reached 3.42 million euros at Sotheby's in 2022 (Finestre sull'Arte).

Giorgio de Chirico is two markets in one. The metaphysical paintings of 1909 to 1919 are rare and expensive: Il pomeriggio di Arianna (1913) made 15.9 million dollars at Sotheby's New York on 28 October 2020 (Sotheby's). The later work trades at a fraction of that. The complication is that de Chirico painted later versions of his early compositions and sometimes dated them to the 1910s, a practice he called verifalsi; the Fondazione Giorgio e Isa de Chirico and independent scholars disagree on how many backdated works exist (Brooklyn Rail). For a de Chirico, the date on the canvas is the first thing to check.

Archives decide what the market accepts

Each of these artists has a foundation or archive that keeps the catalogue of works: the Fondazione Lucio Fontana in Milan, the Fondazione Palazzo Albizzini Collezione Burri in Città di Castello, the Fondazione Piero Manzoni in Milan, the de Chirico foundation in Rome. The major auction houses rarely offer an important work that the reference archive has not registered. Before buying, ask for the archive number or certificate, and if the work is not yet registered, make the purchase conditional on registration.

Notified works and export from Italy

Italian law (the Codice dei beni culturali, Legislative Decree 42 of 2004) lets the state declare a privately owned work of cultural interest, a step known in the trade as notifica. Once notified, the work cannot leave Italy permanently, any sale must be reported, and the state has a right of first refusal at the declared price, normally within 60 days of the report.

For works that are not notified, the 2017 annual competition law, in force since 29 August 2017, raised the age threshold for export review from 50 to 70 years and allowed works worth less than 13,500 euros to leave on a self-declaration (Finestre sull'Arte). Above those thresholds, a work by a deceased artist made more than 70 years ago needs an export certificate from the export office, which can refuse it and start the notification process.

The 70 year line moves every year. A Fontana or a Burri of 1955 crossed it in 2025, which means that some of the most sought-after works of the 1950s now need a certificate to leave Italy. A notified work can only be bought by someone willing to keep it in Italy, so it usually trades below a comparable work that can travel. If you buy in Italy, ask whether the work is notified and, if it was exported, see the export certificate.

Italian masters in Unicorn Art Club

Fontana, Burri, Castellani, Manzoni, Morandi and de Chirico are among the 30 artists of Unicorn Art Club, for accredited or qualified investors. Each artist has a dedicated vehicle that buys a work with verified provenance, a condition report and an appraisal, with a planned exit between 3 and 7 years.

Frequently asked questions

What is the auction record for Lucio Fontana?

29.2 million dollars for Concetto spaziale, La fine di Dio (1963), at Christie's New York on 10 November 2015.

Can I export a Fontana I bought in Italy?

If the work is not notified and is less than 70 years old, or worth less than 13,500 euros, it can leave with simplified formalities. Otherwise you need an export certificate, which the export office can refuse. A notified work cannot be exported permanently.

Why are some Italian works cheaper in Milan than in London?

Often because they are notified and can only be sold to buyers who will keep them in Italy, or because they are smaller works that do not travel to the international sales. Check the reason before reading it as a bargain.

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Sources

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