Monet Tops $165 Million Sale, Modern Art Confidence Rises – nice coverage of last night’s sale in London. They even touch on something I have been saying for some time now … there are just too many sales and not enough good material for all of them. Results mentioned in this article include the buyer’s premium.
The Nahmad family’s Monet was the top lot at $30.5M — they bought the painting back in 1996 for $4.2M … not a bad investment! As for which saleroom did better, that is debatable … remember that last night’s sale offered 71 works and 13 did not sell, while the sale on Tuesday evening only offered 44 works and 7 went unsold. Gross sales were $165M vs. $100M, but there were far less works in the $100M sale.
In the end does it really matter? No. What is important to note is that there is still a great deal of many flowing into the art market.
Piet Mondrian’s “Composition with Red, Yellow and Blue”