The two-week New York art auctions were a raucous party for some of the world's richest spenders, who parted with $1.56 billion, confirming that contemporary art has become their sport of choice. Similar sales at Christie's International and Sotheby's tallied $1.4 billion a year ago. The sales in New York began on May 6 and ended May 15. "There is a growing class of extraordinarily wealthy people who are interested in contemporary art,'' said William N. Goetzmann, a former museum director and a professor at Yale School of Management. "This seems to be the dimension on which they are competing.'' A flesh-filled Lucian Freud painting of a 280-pound nude woman sold at Christie's for $33.6 million, smashing the record for a living artist at auction. The next night at Sotheby's, a bloody three-paneled Francis Bacon painting fetched $86.3 million, becoming the priciest contemporary artwork ever sold at auction. The sales came against a backdrop of anxiety over a sagging economy, yet results suggest that art buyers are insulated. "When we look at the disparity between middle income and the wealthiest individuals, there is a huge gap,'' said Goetzmann. ``We are seeing art prices that seem to be running counter to the capital markets.'' Global Buyers The auction houses, with international offices and representatives, attracted bidders from around the world. "The art world is a lot bigger than it used to be, and the auction houses have a reach all over the globe,'' said Chelsea dealer Stellan Holm. "That's why you see these results.'' Megabucks collectors who buy art without concerning themselves with a budget sent prices soaring. At Christie's contemporary sale, Richard Prince's 2002 "Man-Crazy Nurse #2'' sold to dealer Christophe Van de Weghe for $7.4 million, a record for the artist. The "Nurse'' series retailed for about $100,000 six years ago and have since become among the artist's most coveted works. Van de Weghe said his client, whom he declined to identify, loved the drippy nurse, especially the title. "He said `Christophe, I want it. I like it. I want to have it on my wall,''' said Van de Weghe. The dealer said the price was justified. "When it's a great example of an artist, you have to pay a premium,'' he said. "People understand that.'' The sales began with impressionist and modern art auctions, which totaled $606.7 million with record prices for works by Claude Monet and Alberto Giacometti. Sotheby's and Christie's sales of contemporary art totaled $900.6 million. The downtown Phillips de Pury & Co. held a successful sale of art by younger artists on May 15, tallying $59 million. Packing a Wallop "New buyers are simply more excited by contemporary art,'' said art adviser Diane Upright. "Contemporary art appears more accessible and exciting in terms of scale and subject matter.'' Figurative art, as opposed to the more subtle and sometimes cerebral abstraction, is especially popular among new collectors. "Bacon, Freud and Murakami are leading the list,'' said Upright. "The stuff packs a wallop.'' The preference for contemporary art is also a matter of supply and demand. "It's hard to find good impressionist and modern material,'' said Kimball Higgs, senior vice president of Gurr Johns, a fine art appraisal firm. "They are in museums and all the best collections. The works have found their final resting places.'' Hedge-fund managers continue to play a part. "Hedge-fund collectors remember a time when they had very little,'' said Goetzmann. "Collecting demonstrates the level they have achieved in their profession. They can go out and buy the world's greatest paintings.''