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New York's art auction world today is celebrating approaching a record $1 billion in sales in the spring season thanks to rare works coming out of hiding and a dose of art inflation.
Collectors cashed in windfalls of as much as 700 percent on favorites like Andy Warhol and Pablo Picasso, while fresh millions in cash from China, Russia and India poured into town to heat up the season's auctions into pure drama.
Record sale prices for scores of leading artists were broken all over town due to demand for inflation-proof investments.
The three significant auction houses - Christie's, Sotheby's and Phillips de Pury - totaled up their sales tallies at the close of the season late Friday night to report a record $913.4 million.
It could go higher once follow-up sales of related works and other revenue are counted.
Christie's said it sold $438.7 million worth of contemporary and Impressionist art, its second highest ever for the category, beating out Sotheby's record $433.4 million.
Pushing the season closer to breaking the $1 billion mark was No. 3 auction house, Phillips de Pury, with $41.2 million in sales of nearly 300 contemporary artworks.
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