Van Gogh Fails To Impress

Bloomberg reports that buyers rejected a quarter of the works for sale at Sotheby's Impressionist and modern art auction, as the auction house fell short of its low estimate in the sale for the first time in more than two years. The results totaled $269.7 million, well under the presale low estimate of $355.6 million and barely half the high estimate of $494.2 million. A Van Gogh estimated to sell for as much as $35 million failed to draw a single bidder. The last time Sotheby's fell short of its low estimate at such a sale was in May 2005, when it brought in $91 million, below the $127 million low estimate. Tuesday night's Impressionist and modern auction at competitor Christie's International totaled $395 million, in the lower half of its presale estimated range of $349 million to $487 million. Still, it was the second-biggest art auction ever held. Sotheby's shares yesterday fell $2.41, or 4.6 percent, to $50.07 in New York Stock Exchange composite trading. They've dropped 11.5 percent since Oct. 26. (For full source and full article click the Headline). Irish Art