The art market is put to the test in May, with auction houses Sotheby’s, Christie’s and Phillips de Pury all holding major sales. Results so far show that art collectors are shrugging off financial market woes and a looming economic downturn. (Note that purchase prices generally include buyer’s premium.)

Highlights of May 2008 auctions

Francis Bacon's "Triptych, 1976"

Sotheby's New York contemporary art sale on May 14-15. Estimate in the region of $70m. Sold for: $86.3m, the highest price ever paid for a contempory work of art at auction

Yves Klein's "MG 9" circa 1962

Sotheby's New York contemporary art sale on May 14-15. Estimate: $6m-8m. Sold for: $23.7m. New auction record for artist

Tom Wesselmann's "Great American Nude no. 48" circa 1963

Sotheby's New York contemporary art sale on May 14-15. Estimate: $6m-8m. Sold for: $10.7m

Andy Warhol's "Self-Portrait" 1986

Sotheby's New York contemporary art sale on May 14-15. Estimate: $2m-3m. Sold for: $3m

Lucian Freud's "Benefits supervisor sleeping" 1995

Christie's New York post-war and contemporary art sale on May 13. Estimate: $25m-35m. Sold for: $33.6m, the highest price ever paid for the work of a living artist

Andy Warhol's "Campbell's soup can (pepper pot)" 1962

Christie's New York post-war and contemporary art sale on May 13. Estimate: $6m-8m. Sold for: $7.1m

Mark Rothko's "No. 15" 1952

Christie's New York post-war and contemporary art sale on May 13. Sold for: $50.4m

Claude Monet's "Le Pont du chemin de fer à Argenteuil" 1873

Christie's New York Impressionist and modern art sale on May 6. Sold for: $41.5m. New auction record for artist

Pablo Picasso's "Partition, Guitare, Compotier" 1924

Christie's New York Impressionist and modern art sale on May 6. Sold for: $12.4m

Alberto Giacometti's "Grande femme debout II" 1960

Christie's New York Impressionist and modern art sale on May 6. Sold for: $27.5m. New auction record for artist

Joan Miró's "La caresse des étoiles" 1938

Christie's New York Impressionist and modern art sale on May 6. Sold for: $17m

Fernand Léger's "Etude pour 'la femme en bleu'" 1912-13

Sotheby's New York Impressionist art sale on May 7. Sold for: $39.2m

Zhang Xiaogang's "Bloodline: Big Family Series" 1996

Christie's Hong Kong Asian contemporary art sale on May 24-25. Estimate: $1.5m-1.9m. Sold for: $2m

Zeng Fanzhi's "Mask Series 1996 No. 6"

Christie's Hong Kong Asian contemporary art sale on May 24-25. Estimate: $1.9m-3.2m. Sold for: $9.7m

Yue Minjun's "Gweong-Gweong" 1993

Christie's Hong Kong Asian contemporary art sale on May 24-25. Sold for: $6.9m

Aida Makoto's "Monument for Nothing" 2004

Christie's Hong Kong Asian contemporary art sale on May 24-25. Estimate: $512,800-615,400. Sold for: $691,060