Walk Away Monet, London Art Sale Sets Record Yet Disappoints
Usually Monet's waterlilies paintings are hot sellers but Claude Monet's 1906 painting "Nympheas" failed to sell during an auction of Impressionist and Modern Art at Christie's London on June 23, 2010. Monet's work was estimated at 30 million pounds to 40 million pounds ($44 million to $59 million) but bidding stalled out at 29 million pounds.
The sale brought in 153 million pounds ($227 million). The total set a new London auction record, beating a 147 million pound sale set by Soethby's in February, but fell short of estimates of 164-231 million pounds. The other top lot, a Blue Period portrait by Picasso put up for auction by Andrew Lloyd Webber's charity, sold for 34.8 million pounds. Although the sale wasn't as strong as hoped it still indicates that there is strength in the art market.