Another in a recent line of big sales in the art world.
Sotheby’s auction of impressionist and modern art raised 33.5 million pounds ($55.1 million) Wednesday, comfortably within the pre-sale estimates of 26.8-37.3 million pounds. The auction, including a painting by Pablo Picasso when he was in his late 80s, was the second of four major sales in London this week and next that will provide fresh clues about how a once-booming art market is faring in the recession. The final auction tallies include buyer’s premium, but the pre-sale estimates do not. While soaring values have fallen significantly in recent months, they have not collapsed. – From Reuters