Auction houses are buzzing in the wake of new records for Chinese art, Middle Eastern art and wine, and the sale of a Modigliani for $68.9 Million, making some market watchers ask the question, is the art world booming again?

The most expensive Chinese art object was sold at auction for $32.4 million. The Quianlong yellow-ground vase was from the Imperial times of emperor Qianlong. 


A new record was broken for the world's most expensive wine ever sold at an auction. Sotheby's Hong Kong recently auctioned off three bottles of Chateau Lafite Rothschild 1869, each fetching $232,692. The Asian wine market has exploded in recent years with  oenophiles snatching up the most coveted bottles in the world. 


The most expensive Middle Eastern artwork ever sold was from Mahmoud Said's collection, a  1929 painting "Whirling Dervishes", which was bought for $2.5 million.


Modigliani's 1917 "La Belle Romaine" broke the artist record, selling for $68.9 million.