Sotheby’s credited the sale’s success largely to two factors: a moneyed global community insulated from broader financial woes—a group that has gotten hooked on art in recent years—and an unusual selection of material. In a “contemporary”-artwork sale that offered pieces dating back to 1935, Sotheby’s bypassed some of the hot young artists for a selection of more classic, Minimalist, and Abstract Expressionist works by artists with a track record. This resulted in record prices for Ellsworth Kelly, Richard Serra, and John Chamberlain.

Art collecting, particularly in the wealthy banking community, began as “monkey see, monkey do” a few years ago, as employees simply followed their bosses' lead in art collecting, says Anthony Grant, head of Sotheby’s contemporary-art department. But soon, those clients began to enjoy collecting art, and the passion became more entrenched.

Stunningly, a Francis Bacon (being sold by Germany's Langen Foundation) eclipsed last week’s Paul Gauguin record of $39.2 million to become the most expensive painting of the two-week auction season. Bacon's Second Version of Study for Bullfight No. 1 (1969), sold for $45.9 million to New York and Paris art dealer Segalot. The piece had been expected to bring upwards of $30 million. Another Bacon painting, a self-portrait from 1969, went to a phone bidder for $33.1 million, about double its estimate.

Sales of Chinese contemporary art, included in Sotheby’s prime evening sale for the first time, were unusually strong, with bidding from four continents, the auction house said. Records were set for artists Fang Lijun ($4 million), Zhang Xiaogang ($5 million), and Yan Pei Ming ($1.6 million).

One cautionary note: Last night's Sotheby's total broke a record set 17 years ago, in 1990. The following auction season, the market collapsed.