An “iconic work” by the impressionist master Claude Monet that has been in the same family for more than 70 years is expected to sell for at least £24m ($30m) next month.
Waterloo Bridge, Effet de Brume is one of 41 paintings by Monet of the bridge across the Thames. In terms of capturing light and atmosphere, this painting is “what he was striving for – it is a masterpiece of this body of work”, said Keith Gill, the head of impressionist and modern art at Christie’s in London, which is selling the work.
It was painted while Monet was resident at the Savoy hotel, in a room with a balcony with views of Waterloo and Charing Cross bridges and the Houses of Parliament. He painted all three views repeatedly, often putting canvasses aside for days while he waited for the right atmosphere.
“The light or the weather changes, or the fog lifts, and it might be a week before that effect reappears. When it does, he finds the right canvas and starts working on it again, refining it and refining it,” said Gill.
“The London series pictures are probably some of the most iconic views he painted. There is a considerable cachet around them.” The high price tag reflects the booming art market amid the threat of global recession. Earlier this month, Monet’s painting Le Parlement, Soleil Couchant (The Houses of Parliament, at Sunset) sold in New York for $76m (£60m).
“The Waterloo Bridge pictures have always been seen as the most impressionist series within that group. They are fundamentally about colour and light and atmosphere.
“Monet couldn’t find this changing light and atmosphere anywhere else in the world. He’s painted in the south of France, he’s painted on the Normandy coast. But it’s in London where he reaches the apex of his impressionist talent.”
Waterloo Bridge paintings rarely come to auction, said Gill. Twenty-six of the 41 are owned by museums and “at least another five or 10 are highly unlikely ever to be sold because of the nature of the private collections that they’re in”.
The work – signed by Claude Monet with the date 1904 – was first owned by the French art dealer Paul Durand-Ruel. After passing through several important collections it was acquired in 1951 by the watch company Bulova in New York and passed down through the family. For the past 10 years it has been on loan to the Kunstmuseum in Basel.
Gill said he expected keen competition for the work. “This iconic work has everything our collectors are looking for today,” he said.
