Italian, Florence, 17th century

Elia Volpi (1858- 1938), Palazzo Davanzati, Florence;
thence by descent 

W. Towner, The Elegant Auctioneers, London 1971, p. 423;
R. Ferrazza, Palazzo Davanzati e le collezioni di Elia Volpi, Florence, 1993, p. 130

Overall the condition of the wax is good, with some wear and dirt to the surface consistent with age. The tail and the hoof of the proper right hind leg are lost. There are also losses to the horse's ears. There is a break at the joint of the proper right hind leg exposing the metal wire; the piece below is slightly loose. There is what appears to be a restored break,with some losses, to the joint of the proper left hind leg. There is minor stable splitting to the wax in areas, including around the neck, consistent with the material. There appear to be some minor losses to the wax on the base around the edges. There is some general wear to the wood base, including minor evidence of past worming and some losses to the paintwork. There are pieces of painted paper applied to the base with some losses.
"In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective, qualified opinion. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."

The present lot, when it was in Elia Volpi's collection at the Palazzo Davanzati, was attributed by him to Leonardo da Vinci. Part of a large selections of objects he brought for sale to the American Art Association Galleries in 1927, Volpi kept this horse, along with other objects he deemed the most important, to be offered separately for private sale. 

The attribution to Leonardo is based on a sketch for the Trivulzio monument, currently in the Royal Collection (RL 12355), which shows a similar rearing horse. A version in bronze is in the Museum of Fine Arts in Budapest (inv. no. 5362). Compare also to a bronze horse sold at Sotheby's Paris, 5 November 2015, lot 209.