Christie’s, the art auction house, had record sales in the first half of this year as the art market was buoyed by a convergence of old and new - US hedge fund and property moguls buying contemporary art, and Russian and Chinese buyers reclaiming their artistic heritage.

Sales at Christie's, which is owned by François Pinault, were $1.65bn in the six months to June - a third higher than last year. It sold 178 works of art for more than $1m, compared with 132 during the same period last year.