LONDON (Reuters) – Confidence has surged back into the art market faster than predicted, and although contemporary values were hit hard by the credit crunch, auctioneers are confident that this week’s sales will cement the recovery.

A week after a new world auction record of $104.3 million was set for a Giacometti statue, rival powerhouses Christie’s and Sotheby’s hold post-war and contemporary sales in London which are expected to eclipse last year’s disappointing levels.

But questions remain over the strength of the global economic recovery, and over whether post-war and contemporary works on offer have the same rarity factor as recent old master, modern and impressionist auctions.

In its latest survey of confidence in the U.S. and European contemporary sector, the ArtTactic research group said it had returned to levels last seen in the autumn of 2007.

LONDON (Reuters) – Works from the art collection of bestselling U.S. author Michael Crichton will be sold by Christie’s in New York in May, the auctioneer said on Friday.

The collection includes “key” works by Pablo Picasso, Jasper Johns, Robert Rauschenberg and Roy Lichtenstein, and one painting by each artist will go on display at Christie’s in London from February 6-12.

Although the auctioneer did not give an estimate of the value of the collection to be sold, the four exhibited works alone are expected to fetch around 20 million pounds ($32 million).

One of the highlights is “Flag” by Johns, dated 1960-66, which Christie’s described as a “painstakingly beautiful rendition of the American flag” which has never been on the public market.

LONDON, Feb 5 (Reuters) – Works from the art collection of bestselling U.S. author Michael Crichton will be sold by Christie’s in New York in May, the auctioneer said on Friday.

The collection includes “key” works by Pablo Picasso, Jasper Johns, Robert Rauschenberg and Roy Lichtenstein, and one painting by each artist will go on display at Christie’s in London from Feb. 6-12.

Although the auctioneer did not give an estimate of the value of the collection to be sold, the four exhibited works alone are expected to fetch around 20 million pounds ($32 million).

One of the highlights is “Flag” by Johns, dated 1960-66, which Christie’s described as a “painstakingly beautiful rendition of the American flag” which has never been on the public market.

LONDON, Feb 5 (Reuters) – Works from the art collection of bestselling U.S. author Michael Crichton will be sold by Christie’s in New York in May, the auctioneer said on Friday.

The collection includes “key” works by Pablo Picasso, Jasper Johns, Robert Rauschenberg and Roy Lichtenstein, and one painting by each artist will go on display at Christie’s in London from Feb. 6-12.

Although the auctioneer did not give an estimate of the value of the collection to be sold, the four exhibited works alone are expected to fetch around 20 million pounds ($32 million).

One of the highlights is “Flag” by Johns, dated 1960-66, which Christie’s described as a “painstakingly beautiful rendition of the American flag” which has never been on the public market.

LONDON (Reuters) – A Giacometti statue smashed the art auction record late on Wednesday, fetching $104.3 million after just eight minutes of intense bidding at Sotheby’s, and experts predict there may be even higher numbers to come.

“You only need two individuals to take something to $104 million or more,” said Philip Hoffman, founder of the Fine Art Fund Group which has more than a dozen billionaire clients.

“I am confident we will break $104 million in the next couple of years,” he told Reuters.

Whatever happens to the broader economy, there will always be super-wealthy individuals who look at the art world either as a passionate collector or a shrewd investor or both.

LONDON, Feb 4 (Reuters) – A Giacometti statue smashed the art auction record late on Wednesday, fetching $104.3 million after just eight minutes of intense bidding at Sotheby’s, and experts predict there may be even higher numbers to come.

“You only need two individuals to take something to $104 million or more,” said Philip Hoffman, founder of the Fine Art Fund Group which has more than a dozen billionaire clients.

“I am confident we will break $104 million in the next couple of years,” he told Reuters.

Whatever happens to the broader economy, there will always be super-wealthy individuals who look at the art world either as a passionate collector or a shrewd investor or both.

LONDON, Feb 4 (Reuters) – A Giacometti statue smashed the art auction record at Sotheby’s late on Wednesday, and, surreal though a price tag of $104.3 million may seem, experts predict there may be even higher numbers to come.

“You only need two individuals to take something to $104 million or more,” said Philip Hoffman, founder of the Fine Art Fund Group which counts more than a dozen billionaires among its clients.

“I am confident we will break $104 million in the next couple of years,” he told Reuters.

Whatever happens to the broader economy, there will always be super-wealthy individuals who look at the art world either as a passionate collector or a shrewd investor or both.

LONDON (Reuters) – A bronze statue by Swiss sculptor Alberto Giacometti broke the record for a work of art at auction on Wednesday, selling for 65 million pounds ($104.3 million) at Sotheby’s in London.

The price, which includes buyer’s premium, just eclipsed Picasso’s “Garcon a la Pipe,” which fetched $104.2 million in New York in 2004.

The life-size “L’homme qui marche I” (Walking Man I) was the first time a Giacometti figure of a walking man on such a large scale had come to auction in over 20 years, and its hammer price was around four times the auctioneer’s pre-sale expectations.

The statue was sold by German banking firm Commerzbank AG, which acquired it when it took over Dresdner Bank in 2009. Dresdner acquired the sculpture in 1980.

LONDON, Feb 3 (Reuters) – A bronze statue by Swiss sculptor Alberto Giacometti broke the record for a work of art at auction on Wednesday, selling for 65 million pounds ($104.3 million) at Sotheby’s in London.

The price, which includes buyer’s premium, just eclipsed Picasso’s “Garcon a la Pipe”, which fetched $104.2 million in New York in 2004.

The life-size “L’homme qui marche I” (Walking Man I) was the first time a Giacometti figure of a walking man on such a large scale had come to auction in over 20 years, and its hammer price was around four times the auctioneer’s pre-sale expectations.

The statue was sold by German banking firm Commerzbank AG, which acquired it when it took over Dresdner Bank in 2009. Dresdner acquired the sculpture in 1980.

LONDON (Reuters) – When a rare Klimt landscape goes under the hammer at Sotheby’s on Wednesday, the sellers will not be the only interested party.

Georges Jorisch, born in Vienna in 1928 and now living in Montreal, will also have a close eye on proceedings in the London auction room as he stands to make a sizeable fortune if the painting does as well as expected.

In one of the highest-profile cases in recent years of art that disappeared during World War Two being returned to its original owners, the auctioneer is offering Gustav Klimt’s “Kirche in Cassone” for an estimated $19-29 million.

Jorisch is a descendant of the wealthy Jewish family that originally owned the Klimt before it was seized either by the Soviets or Nazis during World War Two only to surface decades later at an exhibition.