NYC spring art auctions abound in records

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by Associated Press

Associated Press

Posted on May 13, 2012 at 5:02 AM

Updated Sunday, May 13 at 5:02 AM

NEW YORK (AP) — By any estimation, New York City's spring art auctions were a resounding success.

Record after record was set at Sotheby's and Christie's impressionist, modern and contemporary sales.

Experts say an expanding global market including buyers from Asia, the Middle East and South America accounted for the prices paid for works at the top end of the market.

They also point to the top quality of the artworks offered and a desire by knowledgeable collectors to own works by the most recognized artists.

Experts also say collectors feel safe about buying art in an economy of uncertain other investments.

The highest price paid during the two-week-long sales was for Edvard Munch's "The Scream." It sold at Sotheby's for nearly $120 million, making it the most expensive artwork ever sold at auction.

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