Christie's reports record sales in 2010

LONDON, Jan. 28 (UPI) -- Christie's, the London-based auction house, reported record sales for 2010, including a Pablo Picasso painting that set a new record for a single work.

The total was 3.3 billion pounds ($5.3 billion), up more than 50 percent from 2009, The Daily Telegraph reported. More than two-thirds of the highest-end artworks, those selling for more than $50 million, passed through Christie's.

Picasso's "Nude, Green Leaves and Bust" went for 70.3 million pounds ($112 million) in May. Alberto Giacometti's "Grande Tete Mince" sold for 35.2 million pounds ($56 million) on the same day.

Sotheby's, Christie's major competitor, also enjoyed a profitable year with sales of 2.7 billion pounds ($4.3 billion).

"This has been one of the greatest years ever for Christie's and the art market. The results of 2010 are the fruition of a decade of endeavour led by a strong and dedicated team," Steven Murphy, Christie's chief executive officer, said.

Christie's said buyers from Europe and the United States accounted for a majority of sales but the Asian market showed the most growth. Impressionist and modern art accounted for more than 20 percent of sales, followed by post-war and contemporary works.