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Red Heels Jimmy Choo

Its Warhol Car Crash (Double Disaster) is one of four paintings in the artist's and Disaster series. The other three are in museums.

This undated photo provided by Christie's shows "Three Studies of Lucian Freud," a triptych by Francis Bacon of his friend and artist Lucian Freud. The 1969 painting by Bacon set a world record for the most expensive artwork ever sold at auction when it sold Tuesday evening Nov. 12, 2013 for $142.4 million. (AP Photo/Christies)

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Measuring 8 feet by 13 feet, the 1963 work captures the immediate aftermath of a car crash, a twisted body sprawled across its mangled interior. It has been seen in public only once in the past 26 years.

The atmosphere at the standing room only sale of postwar and contemporary art was electric as a handful of collectors vied for Bacon's 1967 Studies of Lucian Freud. Bidding rapidly soared above the nearly $120 million paid for Edvard Munch's Scream at a Sotheby's sale in 2012, replacing the iconic work as the most expensive artwork sold at auction.

demand for seminal works by historical important artists is truly unquestionable and we will keep witnessing new records being broken, said Michael Frahm, a contemporary art adviser and partner at Red Heels Jimmy Choo the London based Frahm Ltd. is the ultimate trophy hunting. 4, 2013 is of "Balloon Dog (Orange)" by Jeff Koons. The work sold for $58.4 million, a world auction record for the artist and a world auction record for a living artist, said Christie's. The auction house did not reveal the buyer. (AP Photo/Christie's)

Wednesday night's sale at Sotheby's rounds out the two week fall auction season.

Records are meant to be broken, and they were with remarkable speed at Christie's auction house on Tuesday night.

sales sum up the state of the current market, which is very solid and price healthy at the top end of the market and less active and more volatile for mid market works, Frahm said.

Red Heels Jimmy Choo

Red Heels Jimmy Choo

is simply another proof of the huge amount of liquidity pumped into the world economy, said Richard Feigen, an art dealer and collector whose Manhattan gallery, Richard L. Feigen Co., has Giuseppe Zanotti Mules

The price included the buyer's premium.

Among other iconic Warhols at Sotheby's is a portrait of Elizabeth Taylor, titled 1 (Early Colored Liz), estimated to fetch between $20 million and $30 million.

On Tuesday, Christie's sold De Kooning's 1977 VIII, for more than $32 million, establishing a world auction record for the artist.

Red Heels Jimmy Choo

In just six minutes, bids shot up to $142.4 million for a Francis Bacon triptych, making it the most expensive work of art ever sold at auction. World auction records also were set for 10 artists.

Red Heels Jimmy Choo

One of the underbidders, Hong Giuseppe Zanotti Patent Leather Pump

It is one of five Koons balloon dogs executed in different colors. All are in private hands.

Christie's said the winning bid went to Acquavella Galleries. It is believed that the Manhattan gallery was buying it for an unidentified client.

Sotheby's also has a Willem De Kooning painting that is estimated to sell for up to $35 million. V is an abstract work of reds, yellows and whites not seen in public since 1980.

More feverish bidding is expected Wednesday night when a provocative double panel painting by Andy Warhol comes up at Sotheby's. Car Crash (Double Disaster) is expected to fetch as much as $80 million, which would set a record for the pop artist.

Red Heels Jimmy Choo

Gyu Shin, an art dealer Zanotti Wedges

Red Heels Jimmy Choo

with a gallery in lower Manhattan, told reporters he loved the work and wanted to buy it for himself.

Red Heels Jimmy Choo

works spanning from the 14th century to contemporary art. money has nowhere to go. The interest rates are so low that it gets laundered through the real estate, and to a lesser degree, art markets. hunters and buyers from Asia, the Middle East and Russia play a big role in the contemporary art market, Feigen said.

´╗┐World auction records set for 10 artists

Red Heels Jimmy Choo

Red Heels Jimmy Choo

Another marquee work, which broke a world auction record for a living artist, was Jeff Koons' Dog (Orange). The 10 foot tall stainless steel sculpture of what looks like a child's twisted party balloon sold for $58.4 million to an anonymous telephone bidder. It was sold by newsprint magnate Peter Brant to benefit his Brant Foundation Art Study in Greenwich, Conn.

Christie's said Tuesday's sale brought in more than $691.5 million, the highest total for any single auction in history.

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