Christie's Auction: Monet Masterpiece 'Le bassin aux nympheas' Brings $74M
For the ultra-rich, there are no economic hardships. The economic prosperity is best exemplified by the prices realized during this fall's art auction season. "Le bassin aux nympheas" topped the projected sale estimate of $65 million when it went under the hammer at Christie's Auction House in New York City on Thursday night.
We read and hear about how terrible the U.S. and world economy are doing, but if you're watching the art market, you will think that the richest among us are making money hand over fist. An example of the "wealth effect" of an improving world and U.S. economy can be seen in the final selling prices of the painting Water Lilies by French impressionist Claude Monet, has sold for $74 million as part of a lively
Other notable sales included 20th-century expressionist painter Richard Diebenkorn's "Recollections of a Visit to Leningrad," which sold for $46 million, while fellow American Joan Mitchell's "Untitled" went for $29 million. In addition, three paintings by Paul Cezanne were sold, including "Fruits et pot de gingembre," for nearly $39 million.
The fall art auction season, starting Tuesday and ending next Wednesday, has seen $748 million in sales at Christie's and more than $400 million of rare art sold at Sotheby's.