Big spenders paying record-breaking prices are offsetting lighter volume for upscale-art auction houses, experts from Sotheby's and Christie's told CNBC Friday.
"I think the market has found its feet," Christie's auctioneer Jussi Pylkkanen told CNBC's "Squawk on the Street." "I think we're in a situation where the market was very hot last year. It was slightly [inflated] in some areas. Having said that, we've seen world records this week."
Amy Cappellazzo of Sotheby's also said the art market had hit a floor, and that she was looking forward to a "robust" June season. Indeed, at a recent Wednesday evening sale, Sotheby's saw the highest number of bidders from Asia since 2004, Cappellazzo said.