How Much Is Boating Worth?

Work identification and significance. The painting commonly titled “Boating” (museum title: “On the Boat”) is a large, highly finished 1887 oil by Claude Monet depicting Suzanne and Blanche Hoschedé on the Epte near Giverny (145.5 × 133.5 cm). It is held by the National Museum of Western Art, Tokyo (Matsukata Collection), which notes the canvas as one of the most fully realized variants within Monet’s late‑1880s boating motif and documents the sitters and catalog references [1]. As a figure‑in‑landscape of exceptional scale from Monet’s post‑Giverny move period, it occupies a distinctive niche outside his headline serial cycles.

Market anchor points. Monet remains a top‑tier, highly liquid artist whose peak prices concentrate in the great series (Nymphéas/Water Lilies, Haystacks, London/Parliament, Poplars). The standing record is $110.7 million for Meules (1890) at Sotheby’s (2019), underscoring the ceiling for series‑defining icons [2]. More recently, a Poplars canvas closely tied to Monet’s Epte river motifs realized $42.96 million at Christie’s (May 2025), and late Water Lilies achieved $65.5 million at Sotheby’s (Nov 2024), confirming deep demand at the top for prime subjects, scale, and color [3][4].

Positioning “Boating.” While not part of Monet’s most coveted serial cycles, “Boating” stands out among late‑1880s works by its exceptional size, high finish, and engaging leisure‑on‑the‑river subject. Recent results show non‑serial but compelling river or Giverny‑period works trading from the high‑single‑digits to low‑twenties (USD millions), while truly blue‑chip series canvases have been changing hands between roughly the mid‑$30 millions and mid‑$60 millions in the past few seasons. Given “Boating’s” scale and pictorial ambition, it belongs in the upper echelon of non‑serial Monets, above smaller or sketch‑like 1887 boat scenes, yet still priced at a discount to the most prized cycles.

Provenance, visibility, and risk factors. The painting’s museum ownership (Matsukata Collection; NMWA Tokyo) brings impeccable provenance and likely rich literature/exhibition history—powerful positives for hypothetical marketability and insurance value if ever deaccessioned [1]. The primary uncertainties are transactional rather than intrinsic: deaccession is improbable, and there is no modern public price discovery for this exact canvas. As with any 19th‑century masterwork, detailed condition and conservation reports would be decisive inputs should a sale be contemplated.

Conclusion and range. Synthesizing recent Monet benchmarks, the premium for scale and finish, and the subject’s broad appeal, a hypothetical fair‑market value of $30–50 million is supported. The low end reflects cautious read‑through from non‑serial late‑1880s trades; the midpoint (~$35–40 million) recognizes the work’s size/finish and museum‑grade stature; the upper bound is framed by the $42.96 million Poplars benchmark for an Epte‑series icon and continuing strength in top Monet markets even amid a selective high‑end environment [3][4]. This range could tighten upward with confirmation of exceptional condition and a robust exhibition/reproduction footprint.