Monet's Le Bassin Aux Nympheas set a record at auction. The painting sold for an astounding $80 million.
A Monet water-lily painting sold for 41 million pounds Tuesday, doubling the previous auction record for the artist and ensuring London's key art market season got off to a flying start.
"Le Bassin aux Nympheas" had been expected to fetch 18-24 million pounds, but after an intense bidding battle it smashed the previous Monet auction record of $41.5 million (21 million pounds) set in May.
It was part of the evening sale of impressionist and modern art at Christie's which raised 144 million pounds, the highest total for an auction in Europe. All figures include buyers' premiums.
Olivier Camu, head of impressionist and modern art at Christie's in London, said the sale "illustrates the continuing strength and confidence of the art market."
Some experts have predicted a correction or even collapse in values due to deepening economic gloom caused by falling stocks, rising oil prices and the mortgage meltdown.
Well, if there's a correction or collapse imminent in the art market, we certainly haven't seen any sign of it. After all, those who can pay $80 million for a painting are hardly worried about $5 dollar a gallon gas.
