Post-War and contemporary art registered the biggest rise in auction sales of $1.2 billion – an increase of 27 per cent on 2010, said Christie's in a statement. The second strongest category was Asian Art which increased 17 per cent and totaled record annual sales of $890.1 million. The highest price of the year was paid for Roy Lichtenstein’s , I Can See the Whole Room!...and There's Nobody in it!, 1961, on 8 November in New York for $43,202,500 a world record price for the artist at auction. 

“Christie’s ability to curate and offer sales of art to a growing audience has led to continued demand across geographies, collecting categories and at all levels.  This is a very encouraging set of results”, said Steven Murphy, chief executive of Christies. 

“While we are seeing more investors collecting, there are many more collectors who are increasing their investment in their collections as the explosion of interest in art, fuelled by globalization, facilitated by the technology that increases access to information and images, meets the art that is coming to the market.”

The auction house, which is owned by French billionaire François Pinault, said growing appetite from the emerging markets for collecting was also reflected in the 2011 uptick. The swelling pool of millionaires in the East is driving sales in passion investments like art, wine and cars. While US and European clients still account for 77 per cent of sale registrations, 13 per cent are from Greater China, an increase of 2 per cent on 2010.  Registered clients from Russia and the CIS increased 15 per cent over the year.  New clients represented 12 per cent of the value of global sales, while private sales soared by a half to $808.6 million on 2010.

 “As we approach the sales over the next fortnight in London, we are optimistic about the market in 2012.  We also remain committed to our role as cultural stewards through our auctions, private sales and exhibitions,”  added Murphy.