February 07, 2007	Wednesday	Muharram 18, 1428

LONDON, Feb 6: On the first night of what is expected to be recorded as Europe’s biggest art sale to date, art lovers from across the world on Monday spent over £94 million in three hours at Sotheby’s.

Frenzied bidding was seen as masterpieces by Monet, Degas and the works of other artists were being called out and when the session ended as many as 30 works were sold for more than £1 million breaking six world records in a record total for a London evening sale.

The Daily Telegraph on Tuesday predicted that over the coming days at Sotheby’s and rival auctioneers Christie’s as much as £400 million was likely to change hands.

The biggest collectors concealed their identity by bidding over the telephone or through agents and the fiercest battle raged over Soutine’s angst-ridden L’Homme au Foulard Rouge, 1921. Faced with the chance to acquire an epitome of the artist’s mature style with its expressive pose, rhythmically charged brushstrokes and intense colours, the battle was reduced to three collectors who sent bidding soaring to £8.75 million.

Ten years ago, such auctions were dependent on American interest. Last night, the interest came from America, Asia and continental Europe. Having lavished their enormous wealth on mansions, yachts and football clubs, about 200 wealthy Russians with prime residences in London and Moscow are buying art in vast quantities. They like buying at auction because the interest from an under-bidder reassures them that the art-work must be worth buying.

The sale had got off to a good start. Within 45 minutes, German and Austrian works alone had made more than £13.7 million. That the sale did so well came as little surprise to the trade. The quality of art again reflected London’s increasing status. More than 800 people, record numbers for London, turned up.

Much of the main activity took place over the telephone. With every bid announced by the auctioneer, all eyes turned to the 40 or so members of Sotheby’s staff manning telephones lined up along the length of the room.

They were speaking to Russian oligarchs and American billionaires, not to mention the wealthiest Taiwanese, Hong Kong and Chinese collectors, who prefer to conceal their identities.