A watercolour on card by the esteemed British artist JMW Turner (1775-1851) sold in New York last night (January 29) with a phenomenal 2,700% increase on estimate.  

The hammer fell at $35,000, which grew to $42,000 with the addition of buyer's premiums

Thought to have been created during Turner's 1817 tour of the Rhine, which flows though Switzerland, Austria and Germany, the watercolour was given a $1,000-1,500 estimate before the sale. The hammer fell at $35,000, which grew to $42,000 with the addition of buyer's premiums.

A set of 60 chalk and pencil drawings attributed to the early-18th century painter and engraver Giovanni Domenico Campiglia also performed well at the highly anticipated old masters sale, bringing $36,000 against a $5,000 top estimate. The sale price in this instance represents a 620% increase on the valuation.

A set of 60 chalk and pencil drawings attributed to the early-18th century painter and engraver Giovanni Domenico Campiglia sold with a 620% increase on estimate

2012 was a standout year for art sales, with the old masters seeing consistently strong results. Raphael's Head of an Apostle became the most valuable drawing ever sold at auction in December, bringing $47.8m to Sotheby's. For more information on the investment potential of the market, see our free guide to investing in art and photography.

Check back here regularly for action from New York's Old Masters Week at Sotheby's and Christie's, which is currently taking place.

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