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May 5, 2011

Reuters: Christie’s sale fails to reach low estimate

By Spear's

NEW YORK (Reuters) – Works by Monet, Picasso and Maurice de Vlaminck each sold for more than $20 million on Wednesday at a Christie’s auction which totaled $156 million, just shy of the low pre-sale estimate for the offering of Impressionist and modern art

NEW YORK (Reuters) – Works by Monet, Picasso and Maurice de Vlaminck each sold for more than $20 million on Wednesday at a Christie’s auction which totaled $156 million, just shy of the low pre-sale estimate for the offering of Impressionist and modern art.

That came on the heels of a similar result on Tuesday at rival Sotheby’s, which just beat the minimum expectation.

Christie’s officials said they were satisfied with the sale, which saw nearly half the 47 works sold snapped up by European buyers. Ten lots, or 18 percent, went unsold.

“Generally, it was a very consistent evening” which “showed the continuing strength of a market for quality pictures,” said Christie’s honorary chairman, Christopher Burge, who also served as auctioneer.

“There was for the most part a lot of bidding,” he added.

To read the full story, visit reuters.com

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