Monet water lily painting to raise 40m poinds at auction

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One of Monet's celebrated water-lily paintings is to be auctioned in London for a price expected to reach up to £40 million.

The painting - dating back a century and from his most famous series of works - will be part of the most valuable art auction yet to take place in the city later this month.

The impressionist and modern art at Christie's sale also features a ''blue period'' Picasso, also tipped to go for up to £40 million, after being withdrawn from sale four years ago.

The art market has seen prices soar in recent months. An equivalent sale at Christie's in New York last month saw the highest price ever paid at auction for an artwork when a Picasso masterpiece went for £70 million.

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