Pollack Sold for Record Price

Ms. Bloch-Bauer's time in the sun may be up... if the price is confirmed, then Jackson Pollack's No. 5, 1948 will be the most expensive painting sold to date. David Geffen sold the painting and the buyer is currently believed to be David Martinez, a Mexican financier. Mr. Geffen recently sold two other paintings, a Jasper Johns and a Willem de Kooning (for a total of $143.5 million) -- some media industry analysts believe that it's possible that he's selling some select gems as a means of raising cash for a potential bid on the Los Angeles Times.

It's been a pretty impressive year for art... and it may go out with a bang as the fall art auctions are predicting large crowds and deep pockets. The art market has defied expectations for several years and refuses to bottom out according to predictions. If you have a couple million, think about dropping by Christie's on Wednesday for the auction of Impressionist and Modern works. The postwar and contemporary art auction is a week later.