christie's art sale: right on the monet?

While it seemed maybe six months ago that the art market was holding up despite the global economic downturn, proof that things are continuing to get a little squishy for artists and dealers alike came in the form of a sale of major paintings by the likes of Monet, Modigliani and Matisse at Christie's earlier this month.  The gorgeous painting pictured here by Monet of his wife Camille fetched several million less than was estimated, while a striking Matisse work of a woman on a balcony found no buyer at all.  That said, a dual Modigliani portrait went for more than was expected, and other paintings met their expected asking prices.  You can see some of the artworks that were in the sale here.  I think the Impressionists and Post-Impressionists are so popular that we would have to slide much further into recession before a sale like this would be a complete bust, but the major auction houses have definitely been seeing the writing on the wall.  And I worry about the up-and-coming artists, especially my local favorites, trying to break into the market.