Record prices return to Sotheby's

Several records were broken for artists at Sotheby's New York auction of impressionist and modern art, with $181 million (€122 million) in sales, above the pre-auction estimate.

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

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

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

Of 66 lots, 85 per cent 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 66 million dollars, below the presale estimate of 69-97 million dollars, in a subdued night.

Notably there were no bids for a 1943 Picasso, Tête de femme, which was estimated to sell for seven to $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.