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Top Sellers at Sotheby's 2009 Art Auction

Like the rest of the global economy, the art world has experienced its share of turmoil, prompting it to change the way it does business. Could a turnaround in the high-end art market signal a comeback for the economy at large?

Tuesday’s auction of impressionist and modern art conducted by Sotheby’s sent mixed signals. More than 80% of the items were sold—the highest level in two years—pulling in $61,370,500. Some pieces went for twice estimated value, but the top two pieces didn't sell: a 1938 portrait by Pablo Picasso offered by a Bernard Madoff victim, and “The Cat,” a bronze sculpture by Alberto Giacometti.

Sotheby’s reported $52 million in losses last fall, and recieved a recent downgrade to "junk" status by Standard and Poor's. Its stock (BID) has fallen from $61.40 in 2007 to just under $12 on the night of the auction.

So what were the priciest pieces sold? Click ahead to see the top 10!

By Paul Toscano
Posted 6 May 2009