A Closer Look

As I write this, summer heat is on its way. Or is that just leftover sizzle from New York’s May auctions? Not long ago, people declared the impressionist and modern market dead. But lo and behold, quality big-ticket items have been emerging, from van Gogh’s Madame Ginoux (which sold for “only” $40 million) to Picasso’s Dora Maar, which soared to $95.2 million, the second highest price for an artwork at auction, behind another Picasso.

A few other trends: Refco’s photography fire sale brought more supercharged photo prices. The 321-lot sale earned an average lot price of $30,000 and set more than 50 new world auction records. Money continues to pour into American paintings. But with few 19th-century gems available, May’s records came largely for early 20th-century works by the likes of Maxfield Parrish, Andrew Wyeth and Norman Rockwell.

— M.S.