The art market is looking up, bringing some much needed cheer to those in the line. It’s also a sign of better things to come after history witnessed the worst of economic slowdowns, and reflecting badly on the art market too. The good news, is that Christie’s and Sotheby’s February contemporary art sales surged 255% year-over-year according the latest analysis. This is thanks to the large gain relative to the severely depressed baseline created by the financial crisis.

The upward surge is in continuance of the trend that began in November 2009, with the $39 million sale of Andy Warhol’s 200 One Dollar Bills, a clear cut indication the art market’s showing growth. There is no doubt through sales of other artists too, that collectors are heading to the auction houses.

Alberto Giacometti’s L’homme qui marche I set a new record at £58 million. At Christie’s, Yves Klein was responsible for around quarter of the revenue. Art prices are expected to surge further up in the next quarter, and there cannot be better news than that. At least that what is indicated through the Art Market Confidence Index by Artprice.

Via: Sotheby’s, Christie’s