Christie’s Falls Short

A Picasso remained unsold at an auction of Impressionist and modern art at Christie’s New York which yesterday failed to hit a $68.6m target.

Last night Christie’s sold $65.6m worth of Impressionist and modern art at its New York auction house - but it fell $3m shy of its pre-sale estimate of $68.6m. "Nobody wanted the night's priciest work, a ruby-red portrait of Pablo Picasso's wartime lover Dora Maar, ‘Tête de femme,’ that was expected to sell for at least $7 million. The painting stalled at $6.4 million. Instead, top honors went to Edgar Degas, whose 1896 peach-colored pastel of two ballerinas, ‘Danseuses,’ sold to a private Asian collector for $10.7 million, surpassing its $9 million high estimate."

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