The Market: New Record

The art market is still roaring upwards and testing previous highs. Last week the center of action was Manhattan's Parke-Bernet Galleries, where one blue chip found a dynamic investor willing to bid it up to a new record price. The buyer was California Collector-Industrialist Norton Simon, who paid $1,550,000 for Auguste Renoir's Le Pont des Arts, upsetting the previous auction record for impressionist paintings, set by the Metropolitan Museum when it paid $1,410,000 for Monet's The Terrace at Ste. Adresse a year ago.

The work Simon acquired was not an example of...

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