Claude Monet's Le Bassin Aux Nympheas fetched at £40.92 million Christie's Impressionist and Modern Art auction last night. The painting of waterlillies floating on water sold for more than double its pre sale estimate and the double the prior record for a Monet.

According to The Wall Street Journal, 15 of the 81 pieces up for auction did not sell. The 66 items that did sell brought in more than £144.44 million. Demand for art continues to increase, regardless of traditional economic indicators.

Other artwork also set record prices as well. Henry Moore's Draped Reclining Woman set a record of £4.2 million for a Moore work. Edgar Degas' Danseuses à la barre brought in more than £13.48 million, Les fleurs by Nathalia Goncharova brought in more than £5.5 million and Pablo Picasso's La carafe (Bouteille et verre) realized £3.74 million.

How high will the market go?