record sales end 2012 art season

Sotheby’s and Christie’s, two of the world’s largest auctioneers of fine and decorative art, set new records in contemporary art sales in November. While dismal sales at prior modern art auctions were discouraging to collectors and investors, these new records will end the season for them on a high note.
On Tuesday, November 13, 2012, Sotheby’s witnessed its highest-ever auction gross. The evening’s grand total came to a whopping $375.1 million, breaking Sotheby’s previous record. Leading the charge was Mark Rothko’s No. 1 (Royal Red & Blue), which sold for an estimated $75.1 million. Among the other top-selling artworks were Andy Warhol’s Green Disaster (Green Disaster Twice) (1963) and Jackson Pollock’s Number 4, 1951 (1951). Not to be outdone, Christie’s topped its rival’s sales the following evening with a staggering total of $412.2 million. Andy Warhol’s Statue of Liberty (1962) marked the high-point for the auction, selling for an estimated $43.7 million, with fees.
The remarkable sales figures at both Christie’s and Sotheby’s contemporary art auctions give those in the business reasons to be optimistic about the coming year, even during the economic recession.

Sotheby’s and Christie’s, two of the world’s largest auctioneers of fine and decorative art, set new records in contemporary art sales in November. While dismal sales at prior modern art auctions were discouraging to collectors and investors, these new records will end the season for them on a high note.On Tuesday, November 13, 2012, Sotheby’s…