A Never-Before-Seen Original Monet Painting Sells For $74 Million At Auction

The late Claude Monet, known as the master of impressionist art, has had another painting sold for tens of millions of dollars. This is becoming almost old hat for Monet's work, but the unique aspect of the sale was that no one aside from the owners had seen the painting before it hit the auction block. By the time the hammer fell, the price was $74 million.

The painting, titled "Le Bassin aux Nimpheas" (Water Lilly Pond), had been in a private collection for 50 years. It is part of Monet's "Water Lilies" series of paintings, which are among his most sought-after. The piece features ambient light shining on still waters and the delicate reflections they cast on surrounding trees and water lilies.  

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Works from Monet's Water Lilies series can be seen in some of the world's finest art museums, and they rarely become available. They are considered part of his best impressionist works, which Monet used the full measure of his talent and experience to create. The beauty of this series intensifies the desire of collectors and museum curators to own one.

The scarcity, combined with the high demand and deep pockets of art collectors, has led to Monet's works being sold at astronomical prices in recent years. "Le Bassin aux Nimpheas" was auctioned off by Christie's on Nov. 9, and as expected, it was one of the highlights of the busy fall auction season.

The $74 million hammer price is considerably higher than earlier estimates, which predicted Le "Bassin aux Nimpheas" would sell for $65 million. Although that price may seem exorbitant, it's relatively affordable based on previous sales. In May 2018, Christie's sold another Water Lilies work for $84 million. Sotheby's smashed that record a year later when they auctioned off a painting from Monet's Haystacks collection for $110.7 million.

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The short answer to the question of who pays $74 million for a single piece of art used to be a collector or a museum with a near-endless supply of cash. The tradition of wealthy people being patrons of the arts stretches back to ancient Greece and Rome — and perhaps further than that. Many of the world's finest art collections have been curated by families for generations. 

Most wealthy collectors have more affection for their masterpieces than they do for any of their other physical possessions. They love to show them off, either privately or under agreements with prestigious museums. In many cases, the collections bear the owner's family names, which brings the family and its collection more prestige.

But it's not all ego that drives collectors. You can be certain that the family who sold "Le Bassin aux Nimpheas" paid a lot less than $74 million for it when they bought it 50 years ago. That's why investors are getting into the fine art game, too.

The high demand for fine art by fabulously wealthy collectors and the rarity of pieces like "Le Bassin aux Nimpheas" means that almost every masterpiece like it is going up in value. There will be no more Monets, which means the ones in private collections and museums will increase in value. This has also attracted the attention of investors, who view collecting fine art as a way to build wealth and hedge against inflation.

It’s almost a given that the next time "Le Bassin aux Nimpheas" is sold, the price will be significantly higher than $74 million — even when adjusted for inflation. That means whoever bought the piece is sitting on an asset that will continue to appreciate long into the future.

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