Sotheby's and Christie's London Auctions: Picasso Disappoints, Monet and Marc Shine

Sotheby's and Christie's held their June 2018 impressionist and modern art auctions in London, with mixed results. At Sotheby's, a Chagall on paper sold for £960,000 (double estimate), a Matisse for £2.5 million, and a Giacometti sculpture for £2.4 million. However, a Picasso small work barely met its low estimate at £4.2 million, two Monets went unsold, and a highly anticipated 1932 Picasso 'Buste de femme de profil' struggled to sell at £24 million. The auction totaled £87.5 million, with four Picassos contributing £40 million. At Christie's, the sale was more successful, with 76% of works fresh to market. Highlights included a Monet 'La Gare Saint-Lazare, vue extérieure' selling for £22 million (hammer), a Franz Marc 'Drei Pferde' setting an artist record at £13.5 million (sold to New York collector Jeffrey Loria), and a Rodin sculpture selling for £11 million. Christie's attributed success to an Asian tour of key works, attracting numerous Asian buyers.