Impressionist and Modern art sale a subdued record-breaker

The star lot at Christie's on Wednesday evening in London eluded its $60 million high estimate in a sale that totaled $226.4 million (£152.5m), much less than its low estimate of $242.8 million. Yet, the auction represented a record art sale total for the U.K., according to the Guardian.

The leading lot, a Blue Period Picasso titled "Portrait of Angel Fernandez de Soto (The Absinthe Drinker)," went to an unidentified collector for $46.3 million, or $51.8 million with commission, after a slow pace of bidding. Some experts had thought the work would bring much more.

More surprising was the low enthusiasm for a Monet from the late Waterlily series. Estimated to sell between $45 million and $60 million, the large oil got a single telephone bid of £29 million, or $43.3 million, and was passed unsold.

After exuberant bidding for many lots at the New York May auctions, which included the world record price for an artwork going to another Picasso, the sale fell short of expectations (and some estimates). Still, the £152.5 million overall total was strong and came a day after Sotheby's brought in £112 million with three works exceeding £10 million and seven artist records made.

Christie’s chief executive, Edward Dolman, remarked after the sale that “general economic conditions have changed” in recent months resulting in a reduction of confidence.

Read the New York Times recap of the sale.