Art Mart Makes Masterpiece 2006 for Sotheby's

Like rival Christie's, New York auctioneer credits surge in art sales for robust year

The world's number two auction house had a very good 2006 thanks to the sale of modern and impressionist art. Sotheby's, the New York company that ranks just behind London's Christie's as the world's leading auction house, announced today that it sold $3.4 billion of art in the 11 months through November, a 36% increase from the same period a year earlier. The company credits its banner year in art to the sizzling market for modern and impressionist works.

Driven by billionaires such as L.A. developer Eli Broad to Hong Kong's Joseph Lau, the global art market has seen a 10-year tripling of contemporary prices. On top of that, they've lured sellers to the market with promises of minimum prices and other benefits.

"A significant part of the growth comes from collectors being confident it's a lucrative time to sell," Chief Executive Officer William Ruprecht told the Gloucester Daily Times.

The tally by Sotheby's is mirrored by that claimed by Christie's, which reported sales of $1.26 billion in modern and impressionist art this year. In May, Sotheby's lured some business away from Christie's with guaranteed prices for works including Pablo Picasso's "Dora Maar au Chat," (pictured) which took $95.2 million at a New York auction. Christie's countered with guarantees for its November impressionist and modern evening sale, winning many of the top lots.