Colin Gleadell analyzes the Impressionist and Modern sales in London and finds that despite the overall drop in sales volume, price level remained stable or rose in a number of categories. There were short-term sales of Léger and Jawlensky that involved slight gains or sales at par:

Longer-term gains were commonplace. Among the more remarkable was a still-life by the German Expressionist August Macke, which rose from £95,200 in 2004 to £385,200, and Amazones, a monumental Art Deco painting by the little-known Eugène Robert Pougheon, which rose from £56,000 to £1.1 million in the space of 10 years. “That had the ‘wow factor’ as far as Art Deco collectors are concerned,” said Thomas Seydoux, of Christie’s. “People are definitely looking for art with ‘wall power’ these days. Boring subjects are not selling.” In the “wall power” category at the moment are also the lively Surrealist paintings of Joan Miró, and, though rarely on the market, good Impressionist paintings. The best last week was a dappled, sunlit view, Au Parc Monceau by Monet, which sold above estimate for £6.3 million. Seven years ago, it fetched £3.7 million. “There hasn’t been a good Impressionist picture unsold since 2005,” said Seydoux. “This is the kind of evidence we need to promote confidence.”

Art Sales in London: Super Rich Hunt for the Wow Factor (Telegraph)