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Art Records Tumble as Billionaires Spend $207 Million

Paintings by Yves Klein and Jean-Michel Basquiat sold for record prices last night as battling billionaires spent $207 million at the most valuable auction of contemporary artworks held in Europe.

The contest for exceptional works by the most lauded names of postwar and 20th-century art at Christie’s International, London, was topped by the 23.6 million pounds ($36.7 million) for a “sponge” painting by the French conceptualist Klein.