Demand for instantly recognizable works by blue-chip artists with investment value is driving a record-shattering week at New York's series of art auctions. 

By this Wednesday, Christie's had achieved the art world's first $1-billion week by a single firm, reports the New York Times. Monday's record-smashing sale total of $705.9 million (with fees) was followed by strong prices on Wednesday for Post-War and contemporary art. In a $658 million evening sale, Mark Rothko's "No. 10" fetched $81.9 million, Andy Warhol's "Colored Mona Lisa" brought $56.2 million and Lucien Freud's "Benefits Supervisor Resting" got another $56.2 million.

Eight works sold for more than $20 million in the Christie's sale. Eight artist records were achieved, including Robert Rauschenberg, whose “Johanson’s Painting” brought $18.6 million, writes Kelly Crow in the Wall Street Journal.

The sales continue Thrusday with Impressionist and modern art at Christie’s and a contemporary sale at Phillips.

Sotheby’s Contemporary Art Evening sale brought a total $379,676,000 on Tuesday night with a sell through rate of 87.3%. A bright blue and yellow Mark Rothko topped the night at $46 million. On Wednesday, the Contemporary Art sale brought another $92,810,775 with prices soaring above estimates for the top ten lots.

Seven artist auction records were set at the evening sale for: Christopher Wool, Sigmar Polke, Mark Bradford, Mark Grotjahn, Danh Vô, Thomas Struth, Helen Frankenthaler. Overall 94% of sold works brought prices at or above their estimates.

Sotheby's statement:

Global participation was evident throughout the sale process, with works consigned from 11 countries and sought after by participants from 40 countries, with significant participation from Latin America and Asia.

Highlights:

Mark Rothko’s Untitled (Yellow and Blue), which was owned by Mr. and Mrs. Paul Mellon for over 30 years, sold tonight for $46,450,000 to an anonymous client after it was underbid by an Asian private collector.

Roy Lichtenstein’s The Ring (Engagement) sold for $41,690,000. The work has had only two owners in 50 years and came from the collection of Stefan T. Edlis. The price is nearly 20 times the $2,202,500 the work fetched when it last appeared at auction in November 1997 at Sotheby’s.

Untitled (RIOT), an early seminal masterwork by Christopher Wool that had been in the same collection since 1991, sold for $29,930,000, establishing a new record for the artist at auction (est. $12/8 million).

Sigmar Polke’s Dschungel (Jungle) also set a new benchmark – with a final price of $27,130,000 – just four years after it fetched $9.2 million in the Sotheby’s London sale of the Duerckheim Collection (est. in the region of $20 million).

 Superman by Andy Warhol fetched $14,362,000 after it was sought by 7 bidders from around the world (est. $6/8m), a record for the Myths series at auction, Mao from 1973 also by Warhol sold for $14,474,000 (est. $13/16m). All five works by the artist found buyers tonight.

Eight works sold that were donated by artists to benefit The Museum of Contemporary Art, Los Angeles for a total of $15,920,000 (est. $7.5/10.5 million). The sale opened with two MOCA works: ten bidders fought for Mark Bradford’s Smear, driving the final price to $4,394,000, a new record for the artist at auction; as many bidders competed for an untitled work by Mark Grotjahn, which finally sold for $6,522,000, also a new auction record.

Top Ten Lots in Sotheby's Wednesday sale:

110 $2,890,000 (£1,843,935) $1,200,000 - 1,800,000, American Private Collector, Alexander Calder, Red Eyed Dragon, 1950, painted metal and wire

122 $2,770,000 (£1,767,371) $1,500,000 - 2,000,000, American Private Collector, Joan Mitchell, Untitled, 1960, oil on canvas

451 $2,170,000 (£1,384,547) $700,000 - 900,000, Asian Private Collector, Yoshitomo Nara, Baby Blue, 1999, acrylic on canvas

172 $2,170,000 (£1,384,547) $800,000 - 1,200,000, Latin American Private Collector, Ellsworth Kelly, Untitled, 1983, painted aluminum

237 $1,690,000 (£1,078,287) $500,000 - 700,000, Anonymous, Keith Haring, Dog [Three Works], 1986, screenprint on plywood

117 $1,690,000 (£1,078,287) $1,200,000 - 1,800,000, American Private Collector, Alexander Calder, Le Corset Bleu, 1968, painted metal and wire

111 $1,510,000 (£963,440) $500,000 - 700,000, American Private Collector, Lee Krasner, Cauldron, 1956, oil on canvas

128 $1,510,000 (£963,440) $500,000 - 700,000, American Private Collector, Helen Frankenthaler, China II, 1972, acrylic on canvas.

130 $1,450,000 (£925,158) $900,000 - 1,200,000, Latin American Private Collector, Alexander Calder, Arrows with Blue Tail, 1949, painted metal and wire

108 $1,390,000 (£886,876) $500,000 - 700,000, American Private Collector, Helen Frankenthaler, Lexington, 1963, oil on canvas