At FIAC in Paris, billionaires were in a spending mood despite concerns over possible changes to the local wealth tax.

Following Frieze in London, 182 dealers in contemporary and modern art are testing the market's high end at the Foire Internationale d’Art Contemporain (FIAC) held at the Grand Palais this week.

Among the sales, so far, $8 million bought Joan Miro’s 1927 Surrealist abstract “Peinture (Le Cheval de Cirque)” from the New York-based Helly Nahmad Gallery.

French legislators are considering options to raise taxes on high earners and assets although a proposal to include some artworks in tax calculations was denied.