Monet’s the Word – Five to be Sold at Sotheby’s Sale Tonight
In the spirit of reaching new heights, will current external economical occurrences hinder the market? The Art Newspaper’s Melanie Gerlis makes an interesting prediction; that falling oil prices will hit the art market harder than Lehman Brothers crash (To be determined…) As the turmoil continues to brew in the Eurozone over Greece’s potential exit while Russia slides into a recession and the Chinese market continues to slow down–will these economic woes bleed into the global art market? The high-end auction world has becoming an increasingly international playground for the ultra-rich, and more recently major players from Middle East and Asia have taken a serious interest. The auction results over the next week will provide an insight into the strength and state of the art market…will the bubble burst??
Sotheby’s Imp Mod sales this evening will be led by the Impressionists’ favorite son, Claude Monet. Five of his pieces will grace the auction block (with a combined estimate of $105 million). Leading the action under the hammer is Monet’s Le Grand Canal hoping to fetch between 20 – 30 million pounds. My money is on this masterpiece realizing a sale price near the high estimate of 30 million pounds (and may even be purchased by an American seeing as the dollar is gaining strength…a hunch)–we shall see!
Le Grand Canal by Claude Monet (Photo Courtesy of Sotheby’s)