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Monet's Water Lilies painting sells for $27 million (USD) at auction

Wednesday, May 07, 2014 - 01:17

May 7 - Christie's NY has its best Impressionist, modern sale since 2010. Sharon Reich reports.

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The spring art auctions get off to a solid start. Christie's sold $286 million worth of Impressionist and modern art, its best New York result in the category in four years. The top lot … one of Monet's water lily paintings titled "Nymphéas," sold for $27 million (USD). Auctioneer Andreas Rumbler. SOUNDBITE: Andreas Rumbler, Christie's Auctioneer, saying (English): "I was very excited to see such active bidding. And I was particularly pleased about the percentage of lots sold and how much value we managed to sell tonight, 95 percent by value and 88 percent by lot, which is a incredible number." While works at all levels sold well, many lots fell short of their pre-sale estimates. A noteworthy exception … a portrait by Modigliani. The painting fetched more than $17 million - and was estimated to sell for $8 million to $12 million. SOUNDBITE: Andreas Rumbler, Christie's Auctioneer, saying (English): "This is very reassuring, sometimes you just know, even when you put a conservative estimate on a great lot the market will decide its price, its correct price. And this is what happened to the Modigliani." As the spring art sales continue, all eyes will be on the red-hot contemporary art market next week.

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Monet's Water Lilies painting sells for $27 million (USD) at auction

Wednesday, May 07, 2014 - 01:17