The art boom is reaching Israel where a Camille Pissarro valued at $2 million was offered today at Matsart, Israel’s only auction house:

“Before now we didn’t have serious impressionist work… only a few minor works,” said Uri Rosenbach, director of Matsart Auctioneers and Appraisers.

Pissarro’s work is originally from Japan and comes to Israel by way of North America. The auction will host potential buyers from around the world, most of them bidding by telephone, according to Rosenbach.

A surge in the art market has meant Jerusalem has seen a dramatic improvement in the quality of artwork coming via Matsart, Israel’s only international auction house. Besides this impressionist work, Wednesday’s event, which includes 42 percent international art, will auction off paintings from such mammoth artists as Pierre- Auguste Renoir, Marc Chagall and Reuven Rubin.

While the rest of the world struggles through tough economic times, Rosenbach said business was booming. The auction will continue the company’s upward trend.

“Every auction, our sales keep increasing,” Rosenbach said.

Although Matsart hosted a $1m. auction last November and received approximately $12m. in sales last year, such sizable returns pale in comparison to the $8.5m. in sales that the auction house predicts to see at Wednesday’s auction.

“We’re not setting the trend,” he said, “But we’re moving with it.”

Pissarro Painting to be Auctioned in Jerusalem (Jerusalem Post)