The sale of Alberto Giacometti's 1960 Walking Man I sculpture at Sotheby's London on Wednesday night for GBP65 million (US$104.3m) has eclipsed the previous world auction price record of US$104.2m achieved at Sothebys New York in 2004 for Pablo Picasso's 1906 portrait Boy with a Pipe.

This result confirms two things: firstly that the international art market is alive and kicking for the 'right' material and secondly that there are still huge legs in the market for fresh stock by the 'right' artists.