Dealers say that London-based billionaire Lily Safra was the purchaser of the record-breaking Alberto Giacometti sculpture "Walking Man I" last month at Sotheby's for 65 million pounds ($104.3 million), the world record auction price for any piece of art.

Bloomberg quotes Philip Hoffman, chief executive of the London-based Fine Art Fund, as saying, "...there are wealthy people out there desperate to buy rare pieces and when something important comes up with a sensible estimate the bidding goes crazy.”