The table below sets out a list of pastels for which published sale prices in excess of $100,000 are recorded in recent times. It ignores those sold by private treaty (except where published pre-emption prices are known). Recent trends reflect growing interest among American museums in particular in outstanding examples in this field. Of some 60 records, La Tour accounts for 13; Liotard (12); Tiepolo (7); Carriera (6); Hamilton (5); Chardin (2), Copley (2); Vigée Le Brun (2); with one each from Coypel; Fragonard; Greuze; Lemoyne; Mengs; Nanteuil; Nattier; Perronneau; Russell; Sharples and Wright.

It almost meaningless to compare prices during the eighteenth century (of which the 48,000 livres demanded, but not received, by La Tour for his portrait of Mme de Pompadour was probably the record) with those paid during the nineteenth or twentieth centuries, not least because currencies and inflation introduce such powerful distortions into the statistics. However the prices achieved by pastels relative to other pictures reached a zenith in the first quarter of the twentieth century, when works by La Tour fetched prices comparable with canvases of Fragonard or Watteau, and in excess of fine paintings by Rembrandt or Chardin. Perhaps the highest price was the £48,000 (Fr1.2 million) agreed by Nathan Wildenstein with the Greek shipowner Nicolas Ambatielos for La Tour's président de Rieux in 1919 (Clemenceau saw it earlier that year, and said "c'est le plus beau pastel que j'aie vu…il devrait rester en France"); however, Ambatielos became bankrupt before payment was made, and the picture returned to Wildenstein where it remained until Maurice de Rothschild bought it in for an undisclosed sum in 1930. It was sold to the Getty in 1994, also for an undisclosed sum. For comparison, the appendix in Gimpel 1963 includes paintings such as Fragonard's Le Billet doux (Fr420,000 in 1905, $250,000 in 1919); Watteau's Deux cousines (Fr220,000 in 1918); and Rembrandt's Titus ($40,000 in 1919). (In the field of old master drawings, many sheets by Michelangelo, each of which would now be priced in millions, sold for a few hundred pounds in the late 19th century.) One notes also that other La Tour pastels achieved high relative prices at the same time: La Tour's Mme Rouillé was sold for Fr31,000 in 1897 but reached Fr365,000 in the Bardac sale in 1920 and Fr1 million in 1926. The splendid La Tour Duval de l'Épinoy sold for Fr600,000 in the Doucet sale in 1912.

While it is unsurprising that the table is headed by La Tour, his rival Perronneau achieved similar prices during the early part of the twentieth century, but his popularity has again waned, so that only a single record appears. Among other French artists, Greuze is represented by the study for L'Heureuse mère by Greuze (now in Washington) which fetched Fr2.85 million in 1999; it sold for Fr35,000 in the Doucet sale of 1912, equivalent to Fr600,000 in 1999 purchasing power. The other schools have commanded prices which, for sufficiently important examples, have been no lower. When Arthur Veil-Picard bought John Russell's Mrs Currie at the turn of the century, he paid Fr80,000 (admittedly this was Fr20,000 more than he intended, owing to a confusion with his agent); this was twice as much as he paid for his La Tour Watelet. Russell's John Withers (now in the Courtauld Institute) was preempted at £102,500, while both versions of Carriera's Lord Boyne was sold in 2002 for $621,750. The interesting Canova in his studio (V&A) by Hugh Douglas Hamilton fetched an remarkable £525,000 in 1998. American pastels, even by minor artists, are much sought after, and Copley is represented by several examples. But the consistent performer in monetary terms has been Liotard, with numerous examples achieving six-figure sums. Most spectacularly, the portrait of Lord John Mount Stuart (later Lord Bute) went to the Getty for £1 million in 2000.

In assessing older records, one should note that between 1890 and 1914, £1 = Fr25 = $4.84. Between 1914 and 1960, an inflation coefficient of 205 times applied in France (Gimpel 1963, p. 473), leading to the introduction of new francs (1 NF = 1000 old francs) in 1960. The equivalent multiple in England was 4.5 times, and no redenomination was needed. Between 1914 and 2004 sterling inflation of 68 times occurred (based on long-term index of consumer goods and services). Using the same index to translate the sterling price offered by Ambatielos in 1920, the equivalent (to end 2004) is £1.3 million and (to end 2008) £1.5 million. Doing the same exercise on the then franc equivalent and using French inflation figures, the equivalent sum (to end 2004) was €0.98 million, or roughly half the sterling number; comparing the figures to end 2008 however gives a completely different picture (mainly because of exchange rate movements), with the French sum being 82% of the sterling figure. To take another example, the La Tour portrait of Belle-Isle achieved Fr46,000 at the Doucet sale in 1912, and $350,000 in 2004; the monetary equivalent of the 1912 price would have been around $150,000, so in this case, value kept pace with consumer inflation. But paintings of similar pre-eminence seem to have moved ahead significantly faster. This illustrates some of the methodological pitfalls that arise in making comparisons between unique items in different currencies in different markets; but it seems likely that the dominance of museum purchasing for old master paintings has had a differentiating effect in the pastel market, which has (until very recently) been driven by individuals.

Prices in the table are shown inclusive of buyer's premium where known. For full details, consult the main entry in the Dictionary.

CARRIERA

BOYNE (New York, MMA. New York, Sotheby's, 24.I.2002, Lot 54, $621,750)

BOYNE (Birmingham, Barber Institute. London, Christie's, 8.VII.2008, Lot 53 repr., £421,250; Daniel Katz; acqu. £525,000)

Elisabetta Algarotti DANDOLO (London, Sotheby's, 21.III.2007, Lot 70, £66,000)

Sir James GRAY (private sale, subject to export licence deferral, 2009, $950,000)

Dame en Été (New York, Sotheby's, 21.V.1998, Lot 82, $118,000)

Ragazza con pappagallo (Chicago, Art Institute. London, Christie's, 13.XII.1984, Lot 181, £135,000)

CHARDIN

AUTOPORTRAIT (Orléans, mBA. Clermont-Ferrand, Aguttes, Ryaux, 24.IV.1986, Fr6,000,000)

AUTOPORTRAIT (Chicago, Art Institute. Paris, Drouot, Audap, Godeau, Solanet, 8.XII.1983, Fr1,250,000)

COPLEY

Mrs Joseph BARRELL (South Deerfield, Douglas, 25.V.2001, Lot 1, $115,000)

Joseph GREENE; & pendant: spouse (Manchester, New Hampshire, Northeast Auctions, 22-24.II.2008, Lot 1747, $326,000)

COYPEL

La Folie pare la Décrépitude (Paris, Sotheby's, 24.VI.2009, Lot 57, €336,750)

FRAGONARD

La Fête à Rambouillet, chlk, pstl (London, Christie's, 3.VII.2007, Lot 137, attr., £1,252,000)

GREUZE

Mme GREUZE, étude pour L'Heureuse Mère (Washington, NGA. Paris, Drouot, Néret-Minet, 15.XI.1999, Lot 59, Fr2,850,000)

HAMILTON

Earl-Bishop of BRISTOL (acqu. 1993, £125,000)

CANOVA in his studio (London, V&A. Acqu. 1998, £525,400)

CANOVA, small head (London, Sotheby's, 4.XII.2008, Lot 112, £199,250)

Marquess of DOWNSHIRE (London, Christie's, 30.XI.2000, Lot 2, £377,750)

Sir James GRAHAM (London, Christie's, 19.V.2000, Lot 106, £155,000)

LA TOUR

AUTOPORTRAIT (Louvre. London, Christie's, 5.VII.2005, Lot 162, £657,600)

AUTOPORTRAIT (Paris, Drouot, Libert, 5.XII.2008, Lot 9, attr., €110,000)

AUTOPORTRAIT (Paris, Sotheby's, 25.VI.2003, Lot 29, €145,375)

BELLE-ISLE (Monaco, Sotheby's, 18-19.VI.1992, Lot 60, Fr2,220,000; Mrs Phoebe Cowles, San Francisco; New York, Christie's, 23.I.2004, Lot 63 repr., $388,300)

La maréchale de BELLE-ISLE (Paris, Drouot Richelieu, Binoche, 26.VI.1996, Lot 24, Fr500,000)

Mme CAILLOUX (New York, Christie's, 30.I.1998, Lot 250, $110,300)

DUMONT le Romain jouant de la guitare (Monaco, Ader, Picard, Tajan, Escaut-Marquet, 11.XI.1984, Lot 4, Fr4,000,000. New York, Sotheby's, 29.I.2009, Lot 66, $1,258,500)

Marie FEL au clavecin (London, Christie's, 10.XII.1993, Lot 52, £140,000)

ROUSSEAU (Montmorency, musée Jean-Jacques Rousseau. London, Sotheby's, 4.VII.2007, Lot 86, £144,000)

VOLTAIRE (Saint-Quentin, musée Antoine Lécuyer. Paris, Drouot, Rieunier, Bailly-Pommery, 18.X.1995, Fr1,400,000)

LEMOYNE

LOUIS XV (Los Angeles, J. Paul Getty Museum. New York, Christie's, 12.I.1995, Lot 87, $211,500)

LIOTARD

BUISSON-BOISSIER (Houston, MFA. Acqu. 1986, SwFr2,000,000)

Viscount Mountstuart, Marquess of BUTE (Los Angeles, J. Paul Getty Museum. Acqu. 2000, £1,000,000)

Lady FAWKENER (Compton Verney. London, Sotheby's, 10.VII.2002, Lot 214, £732,650)

Mrs FREMEAUX (Geneva, mAH. London, Sotheby's, 17.X.1997, Lot 283, £98,000)

KAUNITZ (New York, Christie's, 29.I.2009, Lot 61, $110,500)

Miss Susanna LEWIS (London, Christie's, 4.VII.1995, Lot 149, £331,500)

J. M. van TUYLL VAN SEROOSKERKEN; & pendant: spouse (Stichting Slot Zuylen. London, Christie's, 10.VII.2001, Lot 124, £113,750)

Lady TYRELL (Geneva, mAH. London, Christie's, 2.VII.1991, Lot 380 repr., £448,897)

Dame en costume maltaise (Washington, NGA. London, Sotheby's, 10.VII.2002, Lot 211, £776,650)

Dame en turque et sa servante au bain (London, Christie's, 4.VII.1995, Lot 148, £903,500)

Dame en turque et sa servante au bain (London, Christie's, 7.VII.2009, Lot 57, £657,250)

Nature morte: jeu de loto (Geneva, mAH. New York, Sotheby's, 22.V.1997, Lot 86, $992,500)

MENGS

Allégorie de la Vérité (Houston, MFA. London, Christie's, 6.VII.1993, Lot 189, £109,300)

NANTEUIL

POMPONNE (New York, Christie's, 30.I.1998, Lot 216, $105,000)

NATTIER

Mme ROYER (New York, Sotheby's, 22.V.1992, Lot 43, $270,000)

PERRONNEAU

Olivier JOURNU (New York, MMA. Paris, Sotheby's, 27.VI.2002, Lot 39, €258,750)

RUSSELL

WITHERS (London, Courtauld Institute. London, Sotheby's, 22.III.2000, Lot 91, £102,337)

SHARPLES

George WASHINGTON (Manchester, New Hampshire, Northeast Auctions, 22-24.II.2008, Lot 1744, $141,200)

TIEPOLO

Testa di vecchio (London, Sotheby's, 8.VII.2009, Lot 69, £289,250)

Mujer con mantilla y otras figuras (London, Christie's, 5.VII.1996, Lot 54, £184,000)

Mujer con nabos y otras figuras (London, Christie's, 5.VII.1996, Lot 53, £260,000)

Naranjera y majos (London, Christie's, 5.VII.1996, Lot 55, £320,000)

Los madrileños (New York, Christie's, 11.I.1995, Lot 52, $717,500)

Gentleman holding a cane, another with a Phrygian bonnet, a woman, (London, Christie's, 5.VII.1996, Lot 52, £170,000)

Head of a philosopher (London, Sotheby's, 8.VII.2009, Lot 69, £289,250)

VIGÉE LE BRUN

Les enfants CAILLOT (Paris, Tajan, 20.XII.2000, Lot 54, Fr2,500,000)

Countess of TANKERVILLE (New York, Bonhams, 21.IV.2009, Lot 89, $122,000)

WRIGHT OF DERBY

Young woman (New York, MMA. London, Christie's, 5.VI.2006, Lot 52, £187,200)