The Record-Breaking $2.5 Billion Auction Week, Explained (opens in new tab)

Some $2.5 billion of art was sold last week at Christie’s, Phillips, and Sotheby’s. That total is nearly double the $1.3 billion achieved in the same window last May (all prices listed include fees). And it was dramatic: after seven minutes of furious bidding. A sculpture fetched $107.6 million. A that cost $6.7 million in 2003 sold for $85.8 million. For the art market, it’s a jolt of excitement. To put that in perspective, last week’s total alone represents roughly 4% of what the entire glo...