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Article: Is the art market heading for a crash?
- Article from:
- The Independent on Sunday (London, England)
- Article date:
- May 11, 2008
- Author:
CopyrightCopyright 2008 The Independent on Sunday. Provided by ProQuest LLC. (Hide copyright information)
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A Monet sold for Pounds 21m last week, setting yet another new
record. But the true picture, some experts say, is of a less certain
future
Applause rang round Christie's auction room in New York on
Tuesday when the hammer came down on Monet's 1873 Le Pont du chemin
de fer Argenteuil for $41.5m (21m) - breaking the record for the
artist set last year when his Nympheas 1904 sold for 18.6m in
London.
Between them Sotheby's and Christie's shifted around $500m-worth
of art at spring sales in New York last week. It can expect more big
business at the contemporary sales this week, the jewel being Lucian
Freud's Benefits Supervisor Sleeping, valued at 17m, which would see
Freud the most expensive ...