Winter fine art auctions draw big bids

In spite of the global financial crisis, or perhaps because of it, Hungarian art collectors and investors spent 10pc more at this year's winter auctions at galleries in November and December, business daily Vilaggazdasag reported on Monday.

Works went under the hammer for a combined HUF 3.7bn, including house commissions, at the winter auctions. Alone Budapest's two biggest gallery's, the Kieselbach Gallery and the Judit Virag Gallery, took in nearly HUF 2.5bn together, the paper said.

The most expensive lots at the auctions were two works by Lajos Gulacsy (1882-1932) painted around 1910. The Kieselbach Gallery sold "Girl Sitting in an Armchair" for HUF 120m, and the Judit Virag Gallery Sold "The Madman and the Soldier" for HUF 110m.

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