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You're reading: International collectors invigorating art auctions
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With two works breaking the $100 million mark this year, auction houses Christie’s and Sotheby’s have convinced such owners of rare and never-auctioned fine art as Steve Wynn that it is a good time to sell — and reap tremendous profits.

Hordes of wealthy new buyers, ready to spend and anxious to build collections, are injecting life into a market hard-hit by the global financial crisis, experts said.

"The whole market has changed," said Philip Hoffman, chief executive of The Fine Art Group, a London-based art investment house. "There’s a huge new group from six or seven countries who are shifting the market."

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