The Market: Onward & Upward

Given the volatility of the stock market and the tremors shaking the dollar, the art market today lures ever more investors. And Sotheby's of London stands ready to meet the demand. In a three-day sale last week, the world's top auction house knocked down 388 impressionist and modern paintings, drawings, and sculptures, including 34 Picassos, nine Klees, 13 Rodins, nine Légers, seven Pissarros, seven Juan Gris. Total gross: $5,374,479.60, or half again the previous record for a single auction, set by Manhattan's Parke-Bernet Galleries (a Sotheby affiliate) earlier this month.

Among...

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