"Christie's to Auction a Monet Painting" @wsj

[image] 

Banker Herb Allen's family plans to auction one of Monet's water lily paintings for between $30 million and $50 million. Collectors are buying famous works on hopes they retain their value in the current economy.

In another sign that the smart money set is selling art this auction season, Christie's plans to auction off a Claude Monet painting of a water lily pond for between $30 million and $50 million. The painting was donated to a school by the family of investment banker Herb Allen.

The planned sale next month comes as prices for Monet's watery scenes continue to climb, buoyed by interest from emerging collectors in China and Europe who think values for name-brand artists will hold up during times of economic uncertainty even if prices for lesser-known painters plummet.

Monet's Water-Lily series—the artist painted more than 160 views of his garden pond at Giverny, France between 1905 and his death in 1926—seem particularly popular. Five of the artist's priciest paintings at auction depict his garden, including "The Lily Pond," a 1919 example that Christie's auction house sold to a European buyer for $80.4 million at the peak of the last market in 2008.

"Water Lilies," a painting that dates from 1905 and shows mint-green lily pads bobbing atop a periwinkle pool, will be offered at Christie's evening sale of Impressionist and modern art in New York on Nov. 7.

Christie's specialist Conor Jordan said Chinese interest is already piqued by "Water Lilies," so he's shipping it to Hong Kong next week so potential bidders can take a closer look.

Mr. Allen, the founder of the annual mogul-fest in Sun Valley, Idaho, said his father bought the painting in 1979 with his wife, Ethel Strong Allen. After Mr. Allen's father died in 1997, the painting remained in the collection of his stepmother, who died in June.

Mr. Allen said the school is also auctioning off a pair of Impressionist paintings by Camille Pissarro and Alfred Sisley that were included in his stepmother's bequest.

Pissarro's 1895 landscape, "Apple Trees and Haymakers, Eragny," shows a pair of women using pitchforks to rake hay into piles in an apple orchard near Pissarro's home in Eragny, France. Christie's estimates the work will sell for at least $2.5 million.

Pissarro's performance at auction has been patchy lately, with several works going unsold, but collectors tend to pay a premium for scenes like this one that show Pissarro's signature way of painting long, afternoon shadows.

Christie's also expects to get at least $2.5 million for Sisley's "Alley of Poplars at Moret on the Bank of the Loing," an 1890 view of a poplar-lined path near a riverbank in the French town of Moret. Sisley's auction record is similarly hit and miss these days, but his poplar series still seems to find plenty of takers: Seven of the artist's priciest works at auction feature riverbank views of Moret—including an 1891 example that broke the artist's auction record when it sold for $5.7 million at Sotheby's five years ago.

Mr. Allen said his stepmother's will bequested all three paintings to his prep-school alma mater, Hackley School, in Tarrytown, N.Y.

-By Kelly Crow