Huge sales continue to beat expectations as collectors and investors start to buy art again.

• Pieces by Andy Warhol, David Hockney and Alice Neal were among large lots sold for prices that have not been seen since before the recession.
• Large auction houses like Sotheby’s or Christie’s host auctions and then take a percentage of the sale price of every lot.
• Auction houses lowered expectations by 50-75% so that when they make large sales, it looks as if the numbers are better than they actually are. Still, selling a large amount of high-priced art is impressive, regardless of the recession.

Facts & Figures

• Warhol’s 1962 “200 One Dollar Bills” sold at a Sotheby’s auction for $43.8 million. The seller originally paid $385,000 for the piece in 1986.
• The Sotheby’s auction totaled $134.4 million against the company’s earlier/ estimate of $97.7 million.
• Sotheby’s highest auction total was $362 million in May of 2008.

Best Quote

“The art vacation is over. Art has come back more than stocks or housing.” – Jack Tilton, New York Art Dealer