How Much Is The Thames below Westminster Worth?

Overview and significance. The Thames below Westminster (c. 1871) is an important early London view painted during Monet’s first stay in the city. It captures the atmospheric effects along the Thames with Westminster in the distance and foreshadows the artist’s celebrated London cycle of 1899–1904. The painting has long resided at the National Gallery, London (bequeathed by Lord Astor of Hever in 1971), where the museum notes an incomplete 1933–45 provenance window; it is widely published and frequently displayed, underscoring its institutional stature [1]. At approximately 47 × 73 cm, its intimate format and silvery tonalities exemplify Monet’s early exploration of urban modernity and light.

Market benchmarks. Recent auction results establish the pricing envelope for Monet’s best cityscapes and late masterpieces. A prime Houses of Parliament from the mature London series brought $75.96 million at Christie’s in 2022 [2]. Waterloo Bridge canvases from the same cycle realized $48.45 million at Christie’s New York in 2021 and £30.06 million (≈$36.8 million) at Christie’s London in 2022 [3][4]. Beyond London, top Water Lilies achieved $74.01 million at Christie’s in 2023 and $65.5 million at Sotheby’s in 2024, confirming the depth of demand for Monet’s most coveted series [5][6]. Monet’s overall record remains $110.7 million for a Haystacks painting (2019), which frames the category’s apex [7].

Positioning this work. While the late London canvases (1899–1904) and Water Lilies command the very top of Monet’s market, an early, museum-caliber Westminster subject carries its own rarity and art-historical cachet. Relative to the mature London cycle, the 1871 date argues for a modest discount; however, the iconic subject (Westminster/Thames), strong early execution, and National Gallery pedigree narrow that gap. Recent outcomes across key series support a mid–eight-figure range: we calibrate $45–70 million as a prudent bracket, further underpinned by the $42.96 million Poplars record in 2025, which demonstrates sustained depth beyond the late London and Nymphéas peaks [10].

Practical considerations. There is no modern public auction for this specific canvas; it was sold via Arthur Tooth & Sons to J. J. Astor in 1936 and entered the National Gallery in 1971 [1]. Any deaccession is highly unlikely, so this valuation functions as an insurance/replacement proxy rather than a transactional forecast. Market conditions have grown more selective since 2024, with a trophy slowdown followed by a 2025 rebound led by historical categories; blue‑chip Impressionists like Monet continue to benefit from connoisseur-led demand and disciplined underwriting [9]. As with all Monets, condition, palette, and scale can move the needle within the stated band; a pristine state and notable exhibition literature would bias to the upper half of the range, while restorations or presentational issues would warrant the lower half.