Boston Globe – On Day 2 of the fall auction season, a Russian masterpiece expected to sell for up to $3 million at auction did not find a buyer yesterday, further underscoring the impact of the global financial crisis on the art market.
Not one hand went up when "View of St. Petersburg" by Alexei Petrovich Bogoliubov was offered at Sotheby’s morning sale of important Russian works from the impressionist and modern periods.
Many other works sold at or below their presale estimates; others did not sell at all.
It was the second day of lackluster bidding at the annual fall art season. On Monday, Sotheby’s kicked off the season with masterpieces by Edgar Degas, Kazimir Malevich, and Edvard Munch that fetched impressive prices. But a high percentage also went unsold – 25 works did not sell while 45 did.
