The big winner in New York was Picasso's "Les femmes d'Alger (Version 'O')" which set the record at $179.4 million at Christie's for the most expensive artwork ever sold.
In three days of sales Christie's also became the first auction house to sell more than $1 billion worth of art. Adding in Sotheby's sales, the total topped $2 billion.
"We've entered into a phase which I really think is a masterpiece market," Christie's Katharine Arnold, who is running the post-war and contemporary art evening sale onJune 30, said.
Featuring paintings by Francis Bacon, Yves Klein and Gerhard Richter, the 76 lots are estimated to fetch $132-187 million.
Not to be outdone, Sotheby's is heralding its July 1 evening sale as "London's highest valued auction of contemporary art".
Pre-sale estimates for Sotheby's 59 lots range from $230 million to $329 million and featured works include Bacon's "Study for a Pope I", valued at $40 million to $56 million, and a series of Andy Warhol "dollar" paintings.
Combined with both houses offering effectively truckloads of paintings by Chagall, Picasso, Manet, Monet, Gauguin and even a rare Klimt at modern and impressionist art auctions kicking off at Christie's on June 23, there is every chance total sales could top $1 billion, experts say.
Arnold said the skyrocketing prices for fine art being fetched at auction were bringing more such works to market.