Nov. 6 (Bloomberg) -- Almost half the lots didn't sell tonight at a Christie's International auction of impressionist and modern art in New York, the week's third evening auction that fell short of presale estimates.

The sale totaled $146.7 million, more than a third below its presale low estimate of $240.7 million. Of the 82 lots offered, 44 percent didn't sell, a sign that the global financial crisis continues to undermine demand for the most expensive art.

``Obviously, prices have changed,'' auctioneer Christopher Burge said after the sale. ``We'd be foolish not to recognize that.''

High-quality works at this week's impressionist and modern auctions carried aggressive estimates tied to last season's prices. Christie's did manage to sell some of the priciest lots, setting an auction record for a Juan Gris.

``There was actually quite a positive mood in the room,'' New York private dealer Christopher Eykyn said.

Second- and third-rate works that might have been snapped up in past seasons made tonight's sale seem overstuffed.

On Nov. 5 at Christie's, artworks of Park Avenue widow Rita Hillman and real estate heiress Alice Lawrence fetched $47 million, less than half the presale low estimate of $103 million. Two nights earlier, Sotheby's impressionist sale tallied $223.8 million, a third below the $338 million low estimate.

Next week, contemporary art sales continue at Sotheby's, Christie's and Philips du Pury & Co.

Picasso's Mistress

Pablo Picasso's 1934 pastel-hued ``Deux personages (Marie- Therese et sa soeur lisant),'' inspired by the artist's blond mistress, sold for $18 million, matching the presale low estimate.

Marie-Therese and her sister, depicted in abstract, surrealistic shapes, read by an open window. A lone phone buyer bid for the work.

Another test of the market's appetite for important works was a green 1915 cubist still-life by Gris, ``Livre, pipe et verres,'' which sold for a record $20.8 million, topping the high estimate of $18.5 million. New York private art dealer Franck Giraud was the buyer.

(Lindsay Pollock and Philip Boroff write on the arts for Bloomberg News. Opinions expressed are their own.)

To contact the reporters on the story: Lindsay Pollock in New York at lindsaypollock@yahoo.com; Philip Boroff in New York at pboroff@bloomberg.net.

Last Updated: November 6, 2008 22:24 EST