Record prices return to Sotheby's

New York - Several records were broken for artists at Sotheby's New York auction of impressionist and modern art on Wednesday, with $181m in sales, above the pre-auction estimate.

Successes included "Young Arab," by early 20th century Dutch artist Kees Van Dongen, selling for $13.8m, well over the $11.1m record for the artist's works.

French painter Andre Derain's "Barques au port de Collioure," from about 1905, went under the hammer for $14m, smashing the $6.1m 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 $8m to $12m and selling for $19.34m.

The Italian sculptor's record at auction is $27.4m.

Of 66 lots, 85% 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 $66m, below the presale estimate of $69m to $97m, in a subdued night.

Notably there were no bids for a 1943 Picasso, "Tete de femme," which was estimated to sell for $7m to $10m.

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.

- AFP