Austerity no problem for buoyant art market

A 1932 painting by Picasso estimated to fetch up to $29 million at auction Tuesday, and a Gauguin likely to go for as much as $16 million Wednesday point to a robust market for modern art, say experts.

Pablo Picasso's "La Lecture," is likely to sell for between £12 million ($19 million) and £18 million ($29 million) at Sotheby's Impressionist and Modern Art Evening sale in London. This high estimate shows a healthy appetite for modern and Impressionist art, according to the auction house.

It's a trend echoed at rival auction house, Christie's, where "Still Life With Hope," a 1901 painting by Paul Gauguin referencing friend and fellow painter Vincent van Gogh, is going under the hammer Wednesday for between £7 million ($11 million) and £10 million ($16 million).

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