According to The Associated Press,

“a respected art publication says London-based Abramovich was the anonymous buyer of Francis Bacon’s “Triptych” and Lucian Freud’s “Benefits Supervisor Sleeping,” which sold at separate New York auctions last week for a total of $120 million.

Abramovich represents a new breed of super-rich collector from emerging economies such as China, the Middle East — and, especially, Russia — that is buoying the art market through tough economic times.

The Art Newspaper cited sources close to the market as confirming that Abramovich, whose wealth is estimated by the Sunday Times’ Rich List at $22.9 billion, had bought both paintings.”

This sort of thing is common practice among the wealthy. William Randolph Hearst for example bought many works of art from countries that had hit hard economic times. The pieces were brought to the giant “ranch” he built in San Simeon Ca. From Wikipedia:

“…the outdoor swimming pool features an ancient Roman temple front transported wholesale from Europe and reconstructed at the site. Hearst furnished the estate with truckloads of art, antiques, and even whole ceilings that he acquired in their entirety from Europe and Egypt.”

Sotheby’s had their largest ever auction recently at $362 million for 83 lots. Among those that sold well were Francis Bacon’s Triptych, which sold for $86 million, Murakami’s 8ft tall nude My Lonesome Cowboy which is the most expensive ejaculation ever sold at auction went for $15.2 million and 33 lots from the Lauffs Collection totalling $96 million among others.

The nights big disappointment was Mark Rothko’s 1956 Orange, Red, Yellow which didn’t receive any bids, even though a similar piece sold for $50.4 million at a Christie’s auction on Tuesday.

Some were surprised when Banksy, the London street artist, failed to sell his piece at what was his first appearance in a Sotheby’s New York evening sale. The painting, “Four quaking cloaked figures, on their knees, pray and prostrate to a red sign announcing `Sale Ends Today‘, was estimated to sell at $800,000.

For more information you can read the bloomberg article.