NY's spring art auction

Spring auction begins with a $170 million sale of modern art at Sothebys, NY. The sale totaled $170.5 million, against a pre-sale estimate of $159 million to $230 million. Of the 59 works on offer 15 or 25 percent went unsold. Several works, notably sculpture, performed well. Giacomettis Femme debout sold for $7.36 million, while Rodins Le Penseur fetched $4 million, each more than double the high estimate. 1934 Picasso, fell short of the low estimate. Sale was marked by strong Russian and U.S. bidding, despite the weakness of the American dollar. Sothebys officials were pleased with the result, especially given the difficulty of assembling the sale in a market in which collectors are increasingly opting to hold onto top works as prices rise.Last year both Sothebys and rival Christies had among their best years ever, after a dismal 2009 amid the global financial crisis.