Click on the image and you’ll be linked to the ABC News page reporting on Monday’s sale of Australian art. Go to the highlighted video underneath the picture and you’ll be able to watch the report (sorry, they don’t allow embedding.)

Sotheby’s recorded a 70 per cent clearance rate for the first night of its sale of important Australian art. Under the hammer were 172 pieces.

The auction was seen as a test for the art industry, which has been hit hard by the global financial crisis.

Georgina Pemberton from Sotheby’s says the result was a relief.

“It has been quite a test and we’re absolutely delighted with the result,” she said.

Chris Deutscher from Deutscher and Hackett agrees the auction was a test for the industry.

“The art world has been almost crippled for the last six to nine months and it’s refreshing to see confidence coming back with buyers and collectors,” he said.

Auction Results Give Hope to Art Market (ABC News Australia)