Art Sales Set Auction Records

04:33

November 15, 2013

Jeff Koons’s "Balloon Dog (Orange)" is pictured outside of Christie's auction house in New York. (Christie's)

The art world reached new heights this week as bidders spent record amounts of money for art work.

A Francis Bacon triptych went for $142.4 million, the highest art sale ever; Jeff Koon's sculpture "Balloon Dog (Orange)" went for $58.4 million, a record for a living artist; and Andy Warhol's "Silver Car Crash (Double Disaster)" was Sotheby's biggest sale at $105.4 million.

Who's buying this art and will this art bubble burst?

Guest

Peter Coy, economics editor at Bloomberg Businessweek. He tweets @petercoy.

This segment aired on November 15, 2013.