Sotheby's Art Sale Record

The boom in the contemporary art market has helped Sotheby's, the world's second-largest auction house, increase art sales by nearly a half to $5.3bn (£2.7bn) this year. The US-listed company rode the wave of interest in contemporary artists such as Francis Bacon and Jeff Koons to increase art sales by 46pc, despite the impact of the global credit crunch. Sotheby's and bigger rival Christie's are increasing their exposure to contemporary art as demand soars. Last month, Sotheby's made $418m from a sale of contemporary art, its single most profitable auction of the year. The auction house sold Francis Bacon's Bullfight for $46m against an estimate of $35m. Despite that success, many high-profile art sales have disappointed in recent months as collectors have held on to their money in the face of a global liquidity crisis brought on by the collapse of the US sub-prime housing market. Vincent Van Gogh's The Fields received no bids against an estimate of 35m in an impressionist sale last month. (For full source and full article click the Headline). Irish Art