The international art market is booming, and the auction houses are celebrating. Hoping to profit on this boom is Christie’s who is offering a Monet water-lily painting this month. Christie’s expects it to be the biggest sale it has ever mounted in London, with the painting expected to fetch between 30 to 40 million pounds ($44-59 million). “Nympheas,” the work by Monet to be offered, was shown at the famous 1909 exhibition in Paris where the artist’s studies of the effects of light in his garden in Giverny won critical acclaim. Besides Monet’s painting, Christie’s will also be auctioning a Blue Period portrait by Pablo Picasso that is expected to fetch around the same price as the Monet.
The Monet and Picasso’s painting and 61 other works, including works by Gustav Klimt and Vincent van Gogh will be offered on sale at the auction. Together these artworks are expected to take the tally on June 23 to 164-231 million pounds ($239 million-$337 million).
Without a doubt, this sale promises to be a huge success.