Sotheby's summer sale record as art goes on rising

By Mike Collett-White

LONDON (Reuters) - Sotheby's held its contemporary art auction on Tuesday, the last in a series of big London sales that raised more than $1 billion and underlined how the world's super-rich are paying up despite the gloomy economic outlook.

Sotheby's raised 95 million pounds ($189 million) on Tuesday from its evening contemporary art sale, the highest total for a summer contemporary auction held in Europe and just shy of the overall regional record set in February.

Francis Bacon's "Study for Head of George Dyer", a depiction of the artist's lover, fetched $27.4 million, including commission, and Jean-Michel Basquiat's "Untitled (Pecho/Oreja)", owned by Irish rock band U2, sold for $10.1 million.

But another Bacon, "Figure Turning", expected to go under the hammer for around $25 million, failed to sell.

Rival auction house Christie's sold art worth $172 million at its equivalent sale on Monday.

With only the less important Sotheby's contemporary day sale to go on Wednesday, the two dominant auctioneers have sold works worth just over $1 billion during the summer season, which includes impressionist, modern, post-war and contemporary art.

Christie's raised around $552 million and Sotheby's about $449 million so far.

The results defied predictions by some experts that the art market, like stocks and house prices, would see a correction, or even a severe downturn soon.  Continued...