Picasso ‘blue period’ painting sells for nearly 38 million pounds ($52 million) in London sale

Picasso ‘blue period’ work sells for $52 million

LONDON — Pablo Picasso’s “Portrait of Angel Fernandez de Soto,” a work from the painter’s “blue period,” has sold for near 35 million pounds ($52 million) at a London auction.

The sale price at the Christie’s auction Wednesday night was at the lower end of estimates.

And in a further sign of a cautious art market, one of Claude Monet’s famous “Water Lilies” paintings failed to sell.

The Picasso was sold by Andrew Lloyd-Webber to benefit his charitable foundation.