Record sale boosts art price boom

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The Independent Online
Record sale boosts art price boom

Two sales of Impressionist and modern art, including works by Cezanne, Monet and Picasso, at Christie's, New York, have realised more than pounds 130m - hitting totals unmatched since the height of the market seven years ago. Thirty eight paintings sold for over a $1m (pounds 620,000).

Christie's was jubilant, citing the results as evidence of a strengthening of the art market at all levels. The top lot of the two sales was a painting by Paul Cezanne of his wife seated in a yellow armchair. It sold for pounds 14m to a European buyer - the second highest price ever paid for a Cezanne at auction. The Cezanne, and one of only two known self-portraits by Edouard Manet (sold for pounds 11.5m), were part of the private collection of financier John Loeb which made a record-breaking pounds 57.3m. Stephen Goodwin