Booming art sales make London the world's 'culture capital'  

: Estimates were ignored and records tumbled as wealthy foreign buyers drove bidding to dizzying heights at art sales in London last week, flattering the city's claim to being the new culture capital of the world.

"These sales have re-established London's pre-eminence as a hub of the global art market," said Robin Woodhead, chief executive officer of Sotheby's Europe and Asia.

Reporting a record total result of 186.6 million pounds ($365 million) for sales ranging from Monet to Andy Warhol, Woodhead revealed that bidding was "characterized by a wealth of new buyers, largely private".

The picture was little different at rival auction house Christie's, where Russian oligarchs and Asian tycoons also featured prominently.

With prices for contemporary art having quadrupled in the last 10 years, the "fevered nature" of the London market had reached "the point of absurdity", one critic said.