Art collectors this week shrugged off the US economic downturn and global financial turmoil to buy solidly at the big New York auctions although there were some signs of a more cautious mood seeping into the market.

Sotheby’s and Christie’s had bet that record-breaking prices would prevail at their Impressionist and modern art sales last week, and they were largely proved right, although both auction houses had tempered expectations by reducing the number of lots on sale compared with similar auctions last year.