Christie's to sell works by Monet, Chagall, Picasso in June

AP News
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Posted: Jun 02, 2015 7:37 PM

LONDON (AP) — Christie's auction house is offering works by Claude Monet, Rene Magritte, Joan Miro, Marc Chagall and Pablo Picasso this month amid a voracious global appetite for impressionist and modern art.

Christie's said Wednesday that a June 23 London sale will include Monet's flowery landscape "Iris Mauves," which has an estimated price of 6 million pounds to 9 million pounds ($9.1 million to $13.7 million).

The sale also features Picasso's 1969 portrait "Head," valued at 4.8 million pounds to 6.5 million pounds ($7.3 million to $9.9 million), and Chagall's flower painting "Bouquet pres de la fenetre," ("Bouquet by the Window"), which carries an estimate of 2.5 million pounds to 3.5 million pounds ($3.8 million to $5.3 million).

The sale follows a Christie's New York auction last month that raised a total of $706 million and set several records. Pablo Picasso's painting "Women of Algiers (Version O)" sold at that sale for $179.4 million, the highest sum ever paid for an artwork at auction.

Prices for high-end artworks — especially those by impressionist and 20th-century masters — have soared in recent years as wealthy buyers from Russia, China and the Middle East flex their financial muscles.

On June 24, rival auctioneer Sotheby's is offering one of the most iconic impressionist images, Edouard Manet's painting "Le Bar aux Folies-Bergere," with an estimated price of 15 million pounds to 20 million pounds ($23 million to $30.7 million).