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Friday, May 9, 2008


Record prices at NY auction calm art fears


AFP


NEW YORK -- Works by Pablo Picasso and Henri Matisse were among the top lots at Sotheby's sale of impressionist and modern art in New York late Wednesday, with new records for works by Edvard Munch and cubist Fernand Leger helping to calm some fears over the health of the art market.

A record was also set for a painting by Swiss artist Alberto Giacometti, a night after all-time high prices were paid for works by Claude Monet and Auguste Rodin.

Munch's "Girls on a bridge," described by Sotheby's as "one of the artist's most widely popular and lyrical compositions," sold for US$30.8 million to a telephone bidder.

Leger's "Etude pour 'La Femme en Bleu'" went to a buyer in the room for US$39.2 million, while Giacometti's "Portrait de Caroline" fetched US$14.6 million.

There has been widespread concern in recent months that the art market could be feeling the fallout from the U.S. housing crisis and credit crunch, but auction houses have insisted that top works are continuing to find buyers.

 




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