The sagging market for contemporary art burst back into life when a painting by Andy Warhol sold for $43.8m at Sotheby’s New York, far above its pre-sale estimate of $8m-$12m.

Collectors bought more than $134m (€90m, £81m) of art at Wednesday night’s auction, clearing the sale’s high estimate of $97.7m, and making their presence felt in a market that has suffered during the past 12 months of financial turmoil.