Sotheby's 2006 Art Bonanza

Bloomberg reports that Sotheby's fastest growing market last year was the U.S., where pricey Picassos and Cezannes helped swell auction totals by more than 50 percent. Growth in Asia, where sales are catching up with continental Europe's, ranked second, followed by the U.K. The world's second-largest auction house, run by Chief Executive Officer William Ruprecht, sold $1.8 billion of art in its home country in 2006, a 52 percent increase from the previous year, according to Sotheby's data gathered for analysts and investors. U.K. auctions of $1.2 billion rose 28 percent from 2005, while Asian sales of $282.3 million were 29 percent higher than the previous year. Auctions in continental Europe advanced 6 percent to $320.1 million. While Sotheby's and its larger rival Christie's International benefited from new markets such as Asia, the U.S. drew most of the wealthy sellers, as well as the billionaire buyers. Pablo Picasso's 'Dora Maar au Chat,' offered by a relative of Chicago businessman Ron Gidwitz, fetched $95.2 million at Sotheby's New York sale in May. Gustav Klimt's portrait of the Vienna hostess Adele Bloch-Bauer, recovered by Nazi victims' heirs, sold for $87.9 million at Christie's in November. "A significant part of the growth comes from collectors being confident it's a lucrative time to sell,'' Ruprecht said in a telephone interview last month. "The appreciation in the value of great art has been dramatic.'' Irish Art