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No buyer for Pablo Picasso painting at NYC auction

No buyer for Pablo Picasso painting at NYC auction

A Pablo Picasso painting of his young daughter and an Alberto Giacometti sculpture of a cat have failed to sell at a New York City auction. Each had been estimated to fetch between $16 million and $24 million.
The Sotheby's auction house says bids at Tuesday evening's impressionist and modern art sale failed to meet the reserve prices for the artworks.
Auctions of expensive artworks have seen weak sales amid the global financial crisis.
The heaviest bidding Tuesday was for an abstract painting by Piet Mondrian called "Composition in Black and White, With Double Lines." It sold for more than $9 million, about twice its pre-sale estimate.
Sotheby's says 29 of the 36 artworks sold for a total of $61 million, well off their $119 million estimate.


Updated : 2021-05-19 05:59 GMT+08:00