A 1960 Alberto Giacometti sculpture sold for GBP 65 million ($104.3 million) at Sotheby's, shattering the record price for a work of art at auction and signaling a potential resurgence in the art market.

In a tense contest at the company's London salesroom, bidding on the spindly bronze "Walking Man I" began at GBP 12 million and quickly escalated, with roughly 10 bidders vying for the sculpture. The winner, who pays the final bid plus Sotheby's commission, bid over the telephone through Philip Hook, senior director of Sotheby's European operations, and chose to remain anonymous.