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By ULA ILNYTZKY

Art is hot. Despite turmoil in the financial markets, there are no signs that the art market is softening. The fall auction season in New York saw robust prices across most categories, with postwar and contemporary works in particular going through the roof. It seemed like a new record was being shattered every time an art auction was held.

The reason for the art market's strong showing? The weak dollar, expanding world wealth and
new buyers from countries not previously associated with the art collecting community, experts say. Over the last five years, wealthy buyers from Russia, China, India and the Middle East have greatly helped fuel the art market.
buyers paid astronomical amounts for art