$61.7m abstract beats Picasso in 2011 sales

As the European debt crisis roiled financial markets in 2011, the value of the most expensive works of art sold at auction fell 41 percent. The priciest 10 lots amounted to $413.6m, compared with a tally of $698.6m in 2010, according to Bloomberg News calculations. With a dearth of major estates and masterpieces by market stars, not a single artwork crossed the $100m threshold in 2011. Evening sales of Impressionist and modern art in London and New York dropped by 21 percent from last year; their postwar and contemporary counterparts fared better, gaining 35 percent, according to the calculations. Together, the major auctions, including private collections, in these categories at Sotheby’s and Christie’s International tallied $3bn, just beating the $2.9bn in 2010. Museum-quality works by undervalued artists, from Old Masters to postwar set records and ignited bidding wars.