If the art market is any indicator of the economy it looks like things are pretty secure. Overall the fall art auctions in New York City ended up strong with the only down note being the Impressionist sale last week at Sotheby's which had the misfortune to take place on the day the stock market took a serious dip. Analysts now say
the auction was just an isolated episode although at the time the auction house's stock plummeted. Sotheby's had a much better night with their contemporary art auction, it brought in $316 million, above expectations. The big star of the auction was one big work, Hanging Heart by Jeff Koons which went for $23.4 million setting a auction record for an artist who is still alive besting Damien Hirst who garnered the title last June
. Two Francis Bacon pieces also sold for a combined $79 million.
The Hanging Heart is done in high chromium stainless steel weighs over 3,500 pounds and is almost nine feet tall. It was the second monumental piece that Koons sold during the fall auctions. His giant faceted blue diamond sculpture sold at Christie's for $11.8 million. Both pieces were bought by Larry Gagosian
who is the art dealer for Jeff Koons.