New Money Drives Up Prices At Spring Auction

Even without a true blockbuster work to anchor it, Tuesday’s sale of Impressionist and modern art at Sotheby’s New York hauled in a staggering $278.5m, just under its high-end estimate. The bidding was driven largely by “an international group of today’s new rich [who] dropped millions of dollars, ignoring auction house estimates and paying whatever it took to take the right image home.”