Christie’s flopped for a second consecutive night in New York, as top-priced lots by Picasso, Modigliani and Leger failed to find buyers at a listless Impressionist and modern-art auction.
The value of the world’s most expensive items sold at auction more than doubled in 2010 as the top end of the market bounced back from the financial crisis.
Christie’s failed to sell 33 percent of the artworks offered in its Impressionist and modern art evening sale in London as collectors rebelled against aggressive estimates and subpar quality.
Hubert Looser built up two companies, sold shares to the public, made his fortune, then got bored of business and switched to art.
Auction houses expect to sell as much as $2.3 billion of art in New York this month as billionaires from China to Brazil compete for trophy works by Claude Monet, Pablo Picasso and Jeff Koons in a surging market.
"Diego en chemise ecossaise."
- Alberto Giacometti on Nov 03, 2013