Works by Picasso barely reached half of what was expected in Christies New York auction on Tuesday, and only just over one-third of the 82 pieces on offer were sold.
Amongst the collection on display were two Giacomettis paintings that were estimated to sell at £7.2m each, as well as two Picasso works which looked to reach higher at £8.7m and £13m respectively. Despite this all four paintings under sold hugely.
The main surprise however was caused by the work of Edgar Degas, a world-famous artist who specialised in painting ballerinas. The only sculpture he ever created went on sale at New York yesterday and was expected to sell for an impressive £25.4m. ‘The Little Dancer’ made of bronze took Degas three years to finish, yet surprisingly did not manage to sell.
This auction exposed the increasingly selective market that exists at present, not even allowing such a priceless sculpture to sell.