Scott Reyburn tries to get a bead on the London Impessionist and Modern sales now that the houses have shown their hands:

“Impressionist and modern is a difficult market to judge at the moment,” the London-based dealer Alan Hobart, director of thePyms Gallery, said in an interview. “Because they have a proven track record there’s been a massive boom in price for certain works. You could have Russians, Brazilians or Chinese bidding. It’s endless. Other things don’t do so well, mainly because they’re either overpriced or in poor condition.”

Picasso’s Sleeping Mistress May Fetch $28.6 Million at Sotheby’s in London (Bloomberg)