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London set to see new record art sales

monetThis week analysts estimate that anywhere between £300m and £450m will be spent at London Impressionist and Modern Art sales this week making it one of the largest series of auctions to take place in Britain ever.

The current largest sale took place in June of 2008 and achieved £298m when a Monet water lily painting took in £41m.  After this record the slump followed, in which paintings were not sold and last June sales reached a low £96m.

However, the money was still there to purchase art if great works had appeared given that last year in Paris at the Yves Saint Laurent sale records were achieved for Brancusi, Matisse, and Mondrian paintings.  Also high sales were hundred million dollar sales of Picasso and Giacometti works.

The theory behind this is that the super rich across the globe are choosing to invest their money in art instead of investing it in the unstable stock market or the banking system.  This is due to the fact that art is not only a status symbol, but also a way to hedge inflation so long as it is the best art available.

The fair opening in London next week has been titled the Masterpiece fair and will feature works that are said to be the ‘best of the best’ in the categories of art, wine, classic cars, antiques, and jewellery.

The success of the fair however will lie in the interest of the public when it comes down to the top ten paintings up for auction that have been termed the masterpieces which include works by Matisse, Derain, Manet, Picasso, Chaim Soutine, and Monet.


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