World Record Set at Sotheby's

A monumental steel sculpture by the American artist David Smith became the most expensive work of contemporary art ever sold at auction last night when Larry Gagosian, the Manhattan dealer, fought off five aggressive bidders and paid--get this--$23.8 million at Sotheby's!

Being a big spender required some effort: Mr. Gagosian's competitors hung on well into the double-digit-millions. All were hoping to own "CUBI XXVIII" (1965), the last of the artist's renowned Cubi series.

The reason for the high price was plain to lovers of contemporary art: this elegantly composed melding of boxes and columns may be the last example of the series to come on the market for some time. Most of the others are in museums or collections where they will stay for generations. So this last-chance opportunity was irresistible, which is why the sculpture's final price was nearly double its high estimate, $12 million. Read more here.