American buyers dominate New York auction sales, Pollock record rumored

The American market is driving contemporary art sales trends, with New York auctions in May and November attracting 64.8% American buyers versus 15.8% European, despite the dollar's weakness against the euro. On November 15, Christie's achieved $239.8 million in a single evening, while Sotheby's recorded $125 million the previous day. Records were set for classic American artists like Andy Warhol, Willem de Kooning, and Clyfford Still. Rumors circulated via the New York Times that Los Angeles collector David Geffen had privately sold a Jackson Pollock painting for $138 million, surpassing the $135 million Ronald Lauder paid for Klimt's portrait of Adele Bloch-Bauer. The article notes the shift of contemporary art from an elitist, incomprehensible production to a luxury consumer product, as highlighted by W magazine's special issue on contemporary art ahead of Art Basel Miami Beach.