Nov. 11 (Bloomberg) -- Sotheby's sold 68 percent of its contemporary artworks on the auction block tonight in New York as the sagging economy and struggling financial industry undermined art as an investment.

The 63-lot sale totaled $125.1 million, far below the presale estimated range of $202.4 million to $280.4 million. Earlier in the day, U.S. stocks dropped again, with the benchmark Standard & Poor's 500 Index falling 2.2 percent today and plunging 39 percent so far this year.

John Currin's 1999 windswept ``Nice `N Easy,'' depicting two nude young women, sold for a record $5.46 million. Currin's previous auction record of $847,500 was set at Christie's International four years ago with a painting of two men making pasta.

The evening's marquee lot, Roy Lichtenstein's 1963 ``Half Face With Collar,'' attracted no bids. The archetypical pop-art painting, depicting a businessman tugging at his collar, sported a $15 million to $20 million presale estimate.

Still, some dealers expressed relief about the sale. At last week's auction of impressionist and modern art, Sotheby's sold just 64 percent of its lots.

``Bonuses are going to be really bad this year'' on Wall Street, Dallas-based art economist David Kusin said. ``That's going to be the single biggest hit for the newest, freshest, least-seasoned work.''

Christie's holds its contemporary auction tomorrow night, featuring former Lehman Brothers Holdings Inc. Chief Executive Officer Richard S. Fuld Jr.'s drawing collection, estimated to bring in about $20 million. Works by younger artists go under the hammer on Nov. 13 at Phillips de Pury & Co.

Tonight's top lot to sell was French painter Yves Klein's blue, roughly surfaced, 6 1/2-foot-tall ``Archisponge (RE11)'' which has 13 sponges and dozens of pebbles affixed to the canvas. It sold for $21.4 million, below its $25 million estimate.

Prices include a buyer's premium, or commission, of 25 percent of the hammer price up to $50,000, 20 percent of the price from $50,000 to $1 million and 12 percent above $1 million. Estimates don't include commissions.

To contact the reporters on the story: Lindsay Pollock in New York at lindsaypollock@yahoo.com; Philip Boroff in New York at pboroff@bloomberg.net.

Last Updated: November 11, 2008 21:41 EST