John Nunn did some reasonably objective analysis, comparing the rate of relatively basic errors from Karlsbad 1911 vs Biel 1993. He did a two-step process, first identifying things that looked like blunders with a computer, then analyzing them by hand to check that they were legitimate mistakes and not the sort of "missed a long sequence of unlikely-looking only-moves that would have lead to mate in 17" situations that computers sometimes label as "blunders".
His conclusion:
"I had no particular preconceptions about what the results of this search would be. Like most contemporary grandmasters, I was familiar with all the standard textbook examples from the early part of the century, but I had never before undertaken a systematic examination of a large number of old games. I was quite surprised by the results. To summarize, the old players were much worse than I expected. The blunders thrown up by Fritz were so awful that I looked at a considerable number of complete games 'by hand', wondering if the Fritz results really reflected the general standard of play. They did.
[...]
In order to be more specific about Karlsbad, take one player: Hugo Süchting (1874-1916). At Karlsbad he scored 11.5/13.5 or 'minus 2', as they say these days - a perfectly respectable score. Having played over all his games at Karlsbad I think that I can confidently state that his playing strength was not greater than Elo 2100 (BCF 187) - and that was on a good day and with a following wind."
(Süchting was probably in the top 20-30 players in the world at that point, which these days would make you 2700+)
I think the interesting point he makes is that we tend to overrate the strength (and creativity) of historic players because we mostly encounter them through games that have been selected for their quality, and don't play through all their games one-by-one to see the times that they (eg) hung one-move forks in the endgame or whatever.
For more extensive details, there's a writeup by John Watson with some long excerpts near the bottom of this page: theweekinchess.com/john-watson-reviews/historical-and-biographical-works-installment-3
His conclusion:
"I had no particular preconceptions about what the results of this search would be. Like most contemporary grandmasters, I was familiar with all the standard textbook examples from the early part of the century, but I had never before undertaken a systematic examination of a large number of old games. I was quite surprised by the results. To summarize, the old players were much worse than I expected. The blunders thrown up by Fritz were so awful that I looked at a considerable number of complete games 'by hand', wondering if the Fritz results really reflected the general standard of play. They did.
[...]
In order to be more specific about Karlsbad, take one player: Hugo Süchting (1874-1916). At Karlsbad he scored 11.5/13.5 or 'minus 2', as they say these days - a perfectly respectable score. Having played over all his games at Karlsbad I think that I can confidently state that his playing strength was not greater than Elo 2100 (BCF 187) - and that was on a good day and with a following wind."
(Süchting was probably in the top 20-30 players in the world at that point, which these days would make you 2700+)
I think the interesting point he makes is that we tend to overrate the strength (and creativity) of historic players because we mostly encounter them through games that have been selected for their quality, and don't play through all their games one-by-one to see the times that they (eg) hung one-move forks in the endgame or whatever.
For more extensive details, there's a writeup by John Watson with some long excerpts near the bottom of this page: theweekinchess.com/john-watson-reviews/historical-and-biographical-works-installment-3