Artists making record sales again with $2.5B haul at auction for Jackson Pollock, Rothko, Banksy

The stock market keeps hitting new heights and 288 new billionaires were minted last year, those with cash are eager to flash it.

For the nouveau riche, the best way to make a statement about their wealth is still through art, leading to a $2.5 billion bumper sales season at the major New York auction houses — more than double last year’s tally when Christie’s, Sotheby’s and Phillips sold $1 billion during the same period.

Billionaires have been chasing trophy works by 20th century heavyweights like Jackson Pollock, Mark Rothko and Constantin Brancusi, leading to stratospheric prices as New York’s art auctions roared back to life. In three hours alone, Christie’s alone sold $1.1 billion of art on May 18.

The year-on-year improvement is stark: Christie’s leads with $1.5 billion in sales, up 116%