Source: CCTV.com

06-26-2008 09:15

A Monet water-lily painting sold for a record 41 million pounds on Tuesday, easily surpassing the previous auction record for a Monet work. And it ensures London's key art market is off to a flying start this season.

A Monet water-lily painting sold for a record 41 million pounds on  Tuesday, easily surpassing the previous auction record for a Monet work.

"Le Bassin aux Nympheas" had been expected to fetch 18-24 million pounds. That was before the intense bidding competition that drove the price up to 41 million pounds. The price smashed the previous Monet auction record of 41.5 million US dollars, which is around 28 million pounds, set in May.

The result underlines how the art market continues to defy predictions of a correction or even collapse. Art prices are rising sharply despite global economic shadows cast by falling stock prices, rising oil prices and the U.S. mortgage meltdown.

Elsewhere, at the evening sale, a pastel by Degas sold for 13.5 million pounds. That was well above its pre-sale estimate of around five million pounds.

Christie's, its chief rival Sotheby's and other London houses are auctioning modern and contemporary art over the next 10 days. More than a billion US Dollars in art will go under the hammer.

Editor:Liu Fang