Picasso Sales Tumble 40% in New York

Colin Gleadell does a little calculation on one of the most important drivers of the Modern market, Picasso. Like Warhol in the Contemporary market, the previous driver of sales seems to have lost luster:

Sales of Picasso were down last week from $106 million — or 25 per cent of last November’s New York auction takings — to $64 million, or 13.4 per cent of the spring sales takings.

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