Picasso 'blue period' work sells for $52 million

Pablo Picasso's Portrait of Angel Fernandez de Soto, a work from the painter's blue period, has sold for near 35 million pounds ($52 million) at a London auction. The sale price at the Christie's auction Wednesday night was at the lower end of estimates. And in a further sign of a cautious art market, one of Claude Monet's famous Water Lilies paintings failed to sell. The Picasso was sold by Andrew Lloyd-Webber to benefit his charitable foundation.