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A busy week ensues in the London auction houses

This week will see a tremendous amount of work going underneath the auction gavel with some of the largest names in art being sold at various auction houses around London. With names such as Francis Bacon and Pablo Picasso included in the various lots, it is expected that by the end of the week as much as £500 million in British art will be auctioned off.

Some work by artists like Pierre Auguste Renoir and Salvador Dali will be on show to the public for free prior to their sale. The final figure for the entire week of auctions is estimated to clear anywhere from £385m to £545m.

Sotherby’s highlights include a giant waterlily painted by Claude Monet expected to sell at £12m to £18m and a portrait of Marie-Therese Walter the muse of Picasso expected to land as high as £35m. Also expected to fetch a large sum is Three Studies for a Self-Portrait painted by Francis Bacon which could bring in as much as £15m.

Christie’s also has some large ticket art itmes including a painting done by Amedeo Modigilani of his lover and muse Jeanne Hebuterne which is expected to fetch anywhere from £16m to £22m. The auction house also has a string of female portraits done by various artists including Picasso, Berthe Morisot, and Renoir.

President of Christie’s Europe, Jussi Pylkkanen, stated that London is on par for its fifth year of positive growth since the market crashed in 2008. He added that the next two weeks is really going to raise the bar in terms of how well the auction houses are going to do this year and he expects to see a lot of excitement and a lot of high ticket art sales.

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