Picasso matador makes a dashing £7m at Sotheby's

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Money rained out of the sky, prices by and large held the levels of last summer, Sotheby's sold 91 per cent and Christie's 84 per cent of their lots and the world's financial crisis seemed to belong to another planet.

A quarter of Sotheby's pictures passed high estimate and a Matisse drawing made for Nelson Rockefeller in 1938 saw 10 bidders fight it to more than double expectation. What was happening?

"There's a flight out of cash," said Christie's director Stephen Lash. "People with wealth don't want money in the bank or anywhere else. They prefer Picassos."

After a blip in impressionist and modern picture prices in New York in November - they fell 23 per cent in a week - the market has steadied in London this year. "There's a lot of money out there and there's a lot of new buyers we haven't seen before," said Henry Wyndham, chairman of Sotheby's and the auctioneer last night.

Mr Wyndham did not have to work too hard; six of the seven opening lots passed high expectation while his star picture, a 1969 Picasso of a red-coated matador, Homme a l'Epee, sold at an on-target £7 million. This was surprising because Christie's was not overrun with bidders when it took a low estimate £5.1 million for a red and yellow Picasso bullfighter, also Homme a l'Epee and also 1969, on Tuesday night. A 1968 Picasso Standing Nude fetched £4.3 million at Sotheby's.

Late Picassos struggled to make £200,000 20 years ago but London, New York and Monte Carlo dealer David Nahmad, buyer of the Christie's matador, brushed aside suggestions that prices of £5-£7 million were fairyland speculations of the 21st century art boom, bound to end in tears.

He said: "These pictures will rise much higher in value. When Francis Bacon sells for up to $85 million, these cost nothing."

Monet's Parc Monceau of 1878 doubled estimate to £6.3 million at Christie's and his Road at Giverny in Winter of 1885 did well at £3.8 million at Sotheby's.