Record prices return to Sotheby's for art auction

Successes included “Young Arab,” by early 20th century Dutch artist Kees Van Dongen, selling for US$13.8 million, well over the 11.1 million dollar record for the artist's works. French painter Andre Derain's “Barques au port de Collioure,” from about 1905, went under the hammer for US$14 million, smashing the US$6.1 million record for the artist.

Although not setting a record, one of the biggest stars of the auction was “L'homme qui chavire,” a sculpture by Alberto Giacometti estimated at eight to US$12 million and selling for US$19.34 million. The Italian sculptor's record at auction is US$27.4 million.

Of 66 lots, 85 percent sold.

“It's a shot in the arm for the market. It's a vote of confidence,” Simon Shaw, head of the impressionist department at Sotheby's, said.

On Tuesday, rival Christie's impressionist and modern art sale took in just under US$66 million, below the presale estimate of US$69-97 million, in a subdued night.

Notably there were no bids for a 1943 Picasso, “Tete de femme,” which was estimated to sell for seven to US$10 million.

With buyers concentrating on less challenging works, Marc Porter, president of Christie?s Americas, said the results “demonstrated that classic impressionist paintings and sculptures across a range of prices continue to achieve strong results.”

Art auction prices took a dive in 2008 as crisis on the world's stock markets and recession devastated wealthy collectors.

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