Monet’s iconic series: from Haystacks to Water Lilies
Pioneering marketing concepts
By Léa Nedwed
French artist Claude Monet (1840-1926), a founder of Impressionism, underwent a pivotal shift in his artistic approach during the late 1880s. He began creating paintings that were conceived, executed, and exhibited in series. A practice that may seem ordinary from a contemporary perspective but was revolutionary at the time. Prior to this period, artists often produced pairs or small sets of related works, but none had envisioned or created large ensembles in the manner Monet did.
This innovative approach resulted in highly coveted bodies of work and led to creative marketing strategies. Exhibited as cohesive groups with a limited number of paintings, these series conveyed a sense of exclusivity, attracting eager buyers. Today, the demand for Monet's iconic series remains strong, driving impressive sales. His auction record stands at $110.7 million ($134 million when adjusted for inflation), achieved by a painting from the Haystacks series sold at Sotheby’s in 2019.
Paintings from the Haystacks, Water Lilies, London, and Venice series have consistently achieved Monet's highest auction sales over the last twenty years. When adjusted for inflation, they account for 19 of his top 20 sales. Between 2004 and 2023, paintings auctioned from these four series brought in a combined $2.1 billion from 49 lots sold (out of 54 offered), averaging $43.9 million per painting when adjusted for inflation.
Monet’s iconic series compare favourably with other high-value segments of the art market. Particularly in the Impressionist and Post-Impressionist sales category, they outperformed Van Gogh’s market, which totalled $1.3 billion from 66 lots sold over the same period.
Monet’s market for these series peaked in 2015 at over $268 million, driven by a high volume of lots. In 2022, the market reached an unprecedented $379 million in combined revenue through successive sales of Water Lilies, London, and Venice Views. Prices for these paintings that year ranged from $30.4 million to over $75 million ($32.6 million to $80.5 million when adjusted for inflation). The variations in price are attributed to several factors, one of the most important for Monet being the subtle differences in colour, reflections, air, and atmosphere that make each work unique.
When adjusted for inflation, the highest prices in Monet’s iconic series are typically achieved by Water Lilies, holding 7 of the top 10 auction sales, alongside two Haystacks and a view of the Houses of Parliament in London. These top sales prices range from $69.1 million to $134 million, with half achieved between 2018 and 2023.
With approximately 220 Water Lilies, 30 Haystacks, 95 views of London, and fewer than 40 views of Venice, these iconic series make up less than 20% of Monet’s output of over 2000 paintings, most of which are held by museums worldwide. The few remaining examples available for acquisition highlight auction sales and are sought after by wealthy collectors. When adjusted for inflation, 94% of these lots exceed $10 million, with 37% surpassing the $50 million mark, placing them at the pinnacle of the art market.
The information in this article has been analysed by ArtExplored and is based on proprietary data.
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