Cy Twombly's squiggly chalkboard painting fetched $36.7 million at Sotheby's on Wednesday. The contemporary art sale in New York brought some spirited bidding from U.S. and Asian buyers.

There were a handful of lots that sparked bidding battles, including a Sam Francis abstract, titled Summer #1, that Los Angeles billionaire Eli Broad picked up for $11.8 million, an artist auction record.

Wall Street Journal's Kelly Crow writes:

The $242.2 million sale represented a major comeback for the house three days after its disappointing sale of impressionist and modern art spooked the art market. Wednesday’s sale topped Sotheby’s own $201 million expectations, with all but two of its 44 pieces finding buyers, a turnabout from its $145 million sale of older art on Monday that saw a third of its offerings go unsold.