Last night was the highest sum recorded for a contemporary art auction with Christie’s netting at $388.5 million with premium during the Post-war and Contemporary art sale.

A new record was set for Mark Rothko – Orange, Red, Yellow, 1961 hammered at $77.5 million ($86.9 with buyer’s premium). This is a new world record for both the artist and for a contemporary work sold at auction.

“This was an historic event in the auction world, with three major records set in the space of a few short hours: a record for any Post-War and Contemporary art sale at $388.5 million, a record for any private collection of Post-War and Contemporary Art at $174.9 million for the Pincus Collection, and a new record for the most expensive work of the period, with Rothko’s Orange, Red, Yellow sold for $86.9 million,” said Brett Gorvy, Chairman and International Head of Post-War and Contemporary Art. “This was truly a season of icons, with the best works by Rothko, Newman, Richter, Pollock, Calder and Klein to come to market in many years. To see so many major records established in one evening was a tribute to the exceptional works on offer this season.”

Fourteen new auction records were established including a 1969 photorealist painting of an empty sea by Gerhard Richter at over $19.3 million. The sale was 99% sold by value and 95% sold by lot.

Click here to see highlights from the sale.