Back to basics in the art market as buyers demand rarity, provenance and quality

Ahead of Sothebys forthcoming Impressionist and Modern Art sale in New York, Robert Read, fine art expert at specialist art insurer Hiscox, comments: Lot nine, Les Trois Musiciens, is a fine Fernand Léger which encapsulates the three back to basics tenets attracting buyers in the current market: rarity, provenance and quality.

"This vivid work (http://catalogue.sothebys.com/auctions/N08587/auction.html) is fresh to the market having been in a private collection since 1960 and is an antecedent of his iconic work in the Museum of Modern Art. The estimate of $2-3million looks likely to tempt collectors, given that a record at auction was set last year for the artist at $39,241,000.

"With the world’s stock markets witnessing a rise in confidence recently, it will be interesting to see if the art market benefits from the growing economic optimism and this sale may well be the one that signposts its future fortunes."