If you’ve been following along at home these last few years, none of this will be a surprise to you. Collecting began to change in 2005-2007 when the financial elite entered the market and rapidly gained confidence. Hedgies and Oligarchs both announced themselves with big buys. But now a much broader group of new buyers wants only the best:

“When I started in 1985 new buyers came in at the low end,” said David Norman, co-chairman of Sotheby’s worldwide Impressionist and modern art department. “Now new buyers are coming in at the top.”

Cohen, Solow Among Sellers as $2.3 Billion Art at Auction (Bloomberg Business)