The Power of the Art Market
£7m price for Picasso delights art marketLondon yesterday's Impressionism and Modernism auction results are indication of art market recession resistant. It's not just contemporary art that's still hot and in demand.
A portrait by Pablo Picasso of Dora Maar (picture above), his wartime mistress, sold at Sotheby's on Tuesday night for £7.4 million.
In the same sale, Weidende Pferde III (Grazing Horses III), 1910 by the German expressionist Franz Marc fetched £12.3 million - double its pre-sale low estimate - and Renoir's La Loge sold for £7.4 million, three times the low estimate.
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