Imp-Mod sales saw Chinese bid upon, but not win, new artists; Glenn Lowry won't leave MoMA; The Met's new Contemporary strategy; Iran's Contemporary art market suffers; NY AG settles with collector over taxes; Leonardo produces jobs and revenue

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Chinese Bidding Half-Hearted in NY Imp-Mod Sales

The Telegraph’s Colin Gleadell kept tabs on the Chinese bidding and buying in the New York Impressionist and Modern sales last week. Chinese buyers have become an important swing vote in the Imp-Mod market, especially toward the top. Auction houses give them credit for reviving the category. So they’re bidding behavior is crucial to watch. Here’s Gleadell:

• “In the opening sales they had guaranteed two of the top lots by Monet and, as there was no competition, ended up buying them below estimates for $16 million (£12.5 million) and $32 million. Elsewhere, they were bidding for modern artists not previously associated with Chinese taste such as Jean Arp, René Magritte, Egon Schiele and Wassily Kandinsky, but pulled out early.”