In Paris tomorrow there is an interesting sale of early modern art from the Jeanne Lanvin Collection. There will be nine Renoirs on offer, along with four by Degas, a couple of Mary Cassats, a Braques, a Pissaro, a non-abstract Picasso, and a dozen more.
Renoir’s lovey La tapisserie dans le parc has the highest pre-sale estimate at $3.2 to $4.5 million, while 28 of the 31 lots have estimates below $1 million. If this sale has the kind of problems experienced by the auctions earlier in November, then the art market will truly have hit a downturn. These are fine works of art, well priced given the price explosion experienced before the global financial crisis burst into view, and they deserve to sell.