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Monet painting fetches record $110 mn at auction

IANS  |  New York 

A painting by French has fetched a record over $110 million at an held here.

The 1890 painting "Meules" from Monet's "Haystacks" series, is considered to be one of the iconic Impressionist It was priced by the house experts at some $55 million which was surpassed in a matter of seconds at its Impressionist & Modern Art Evening Sale on Tuesday, reports news.

In the eight-minute long which included six bidders, "Meules" reached a hammer price of $97 million and ultimately was sold at $110.7 million, double the estimate, including taxes and commissions.

The $110 million sale is 44 times higher than the previous record at an auction at Christie's, in 1986, and the sale value is the highest ever for any of Monet's works.

The painting is one of the few in the "Haystacks" series that have been put up for auction this century.

Out of the 25 in the series, 17 are now owned by public institutions, including the in New York, the in and the Art Institute of Chicago, while the rest remain in private hands.

"Meules" was initially acquired by the wealthy Palmer family of directly from Monet's in the 1890s.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 14:08 IST
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