Giotto's Flight to Egypt

At Shannon's, in Milford, they sell on 23 April 2015 an "Italian School, possibly 14th or 15th century" "Flight into Egypt", estimated at $6,000 to 8,000. I'm not certain whether this is a major find, or just what the description says, or (in my opinion most likely) a much later forgery / pastiche.

UPDATE: sold for a whopping $144,000!

The Madonna and Child are clearly modelled on Giotto's "Madonna Enthroned", but lack his refinement.

The mantle of Joseph comes, almost literally, from a different Giotto, the Kiss of Judas (detail reversed to make the comparison easier). The curve of the back, the collar, the shadows, nearly everything is identical. But with the lower arm of the Joseph in the one for sale, the folds should have been different, an error I believe Giotto would never make.

Other aspects, like the donkey, can be found in the work of Giotto but also in that of other early Italian painters like Guido da Siena, so it isn't really an indication of anything good or bad. Similarly, the way mountains and trees are painted is correct for the time, without there being an obvious direct source like for the Joseph above. The head of Joseph reminds me of the work of Lorenzo Monaco, but again without being a direct copy. The lack of gold in the background is a bit strange, but perhaps there is a good explanation for this (apart from "too expensive for the forger" that is).

So, summarizing, it's not a Giotto as it isn't good enough for him (too bad, that would really be a major major find), and calling it "Studio of Giotto" seems a stretch as well. Basically, the choice is between "Follower of Giotto" (worth ten times the current estimate), or "In the style of Giotto" (meaning probably 19th century or later), worth whatever you believe it is worth, certainly not more than the estimate though. I don't really dare to make a judgment based on the pictures, but it will be interesting to see whether this turns up at a Sotheby's or Christie's Old Master sale next!