The Power of the Art Market

£7m price for Picasso delights art market

London yesterday's Impressionism and Modernism auction results are indication of art market recession resistant. It's not just contemporary art that's still hot and in demand.

A portrait by Pablo Picasso of Dora Maar (picture above), his wartime mistress, sold at Sotheby's on Tuesday night for £7.4 million.

In the same sale, Weidende Pferde III (Grazing Horses III), 1910 by the German expressionist Franz Marc fetched £12.3 million - double its pre-sale low estimate - and Renoir's La Loge sold for £7.4 million, three times the low estimate.
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