Christie's to auction Monet’s "Water Lilies"

PanARMENIAN.Net - In another sign that the smart money set is selling art this auction season, Christie's plans to auction off a Claude Monet painting of a water lily pond for between $30 million and $50 million, The Wall Street Journal said.

The painting was donated to a school by the family of investment banker Herb Allen.

The planned sale next month comes as prices for Monet's watery scenes continue to climb, buoyed by interest from emerging collectors in China and Europe who think values for name-brand artists will hold up during times of economic uncertainty even if prices for lesser-known painters plummet.

Monet's Water-Lily series—the artist painted more than 160 views of his garden pond at Giverny, France between 1905 and his death in 1926—seem particularly popular. Five of the artist's priciest paintings at auction depict his garden, including "The Lily Pond," a 1919 example that Christie's auction house sold to a European buyer for $80.4 million at the peak of the last market in 2008.

"Water Lilies," a painting that dates from 1905 and shows mint-green lily pads bobbing atop a periwinkle pool, will be offered at Christie's evening sale of Impressionist and modern art in New York on Nov. 7.