After two weeks and six auctions, one thing is clear. The art market is hitting heights not seen in years. Last week’s Monets and Picassos turned out to be a warm-up for this week’s contemporary art sales.

The feeding frenzy began last Wednesday when Christie’s offered up a strong selection of Impressionist and Modern art. Expectations of a strong market had persuaded sellers to part with some serious star material, including a brushy Monet hammered down for $20.2 million. Buyers spent $128.2 million total on 58 artworks. Sotheby’s followed up with a sale that included three artworks selling for more than $20 million, though the 61 lots, expected to total between $203 million and $275 million, missed the low estimate, bringing in $194 million; some of the higher-profile items failed to sell.

All over town, dealers and collectors were praising Hester Diamond, whose Modernist artworks were offered at Sotheby’s, as the smartest dealmaker in town. It was believed that Ms. Diamond had secured a guarantee upwards of $60 million for her collection from the auctioneer. So when a Picasso and Kandinsky, estimated at $8-12 million and $20-30 million respectively, didn’t sell, Ms. Diamond got her money anyhow.

The mood was manic at the four contemporary art sales that began this Monday. On Monday night Phillips, de Pury & Co. held a blockbuster sale of contemporary photography. “Veronica’s Revenge” a collection assembled over the past two decades by Baroness

Marion Lambert, lit the Chelsea salesroom on fire, and totaled $12.5 million. Sotheby’s went next, with an evening sale of a whopping $93 million, starring several post-war masterpieces. A drawing – that’s right, a drawing – by Jasper Johns sold for just under $11 million. Nearly half the top lots were bought by European private collectors and dealers, suggesting that the strong Euro helped unleash some of the serious spending.

Wednesday night at Christie’s felt like the climax of the whole two-week series. There was competition on nearly every lot, and nearly 95% of lots found buyers. Bidders made mincemeat of estimates, waving their paddles as prices climbed to new levels. The house’s explanation for its success was simple. “We sold the sale like hell,” said co-head of the postwar and Contemporary Art Department Brett Gorvy. “It’s not about luck. It’s about working the crowd.” The house sold 63 lots, raking in $92.5 million and setting 10 new records for works by individual artists sold at auction.

Last night’s sale at Phillips was another indication of the push among collectors for more contemporary works. The sale, which focused on the art of the last two decades, reached $25.6 million, well within it’s $20.9-29.3 million presale estimate, set six records, and sold 90% of the works on offer – with nary a household name on the list.

Many wonder how long this can last. “We’re seeing six-figure sums for artists we haven’t heard of five years ago,” said dealer Anthony Grant on Wednesday night. “There is some sort of lack of historical perspective,” he admitted.

Thea Westreich, art advisor to the rich and famous, exited the Christie’s sale with a look of awe. “I didn’t expect any of these prices,” she said. “There are too many people with too much money.”

The obvious question is why are buyers willing to spend so aggressively in a market that is hitting record highs? The obvious side benefit is an opportunity to show the world one’s pocketbook. But some dealers suggest that the auction environment itself is comforting to new collectors. Because it all takes place in public, buyers get instant validation. They see what the under bidders are willing to spend, and they get a sense that their money is being well spent. Bidding loves company.

The late 1980s will long be the point of comparison for any hot market, but dealers point to several differences between now and then. In the 1980s, the market was mostly American, with a few Japanese buyers pumping up prices. Today the market is very international; buyers come from China, Russia, and the Middle East, in addition to traditional Europe and Japan.

Whether the prices for many of these contemporary works will be as high when the collectors look to unload them is another question. Ms. Westreich offered some free advice. “Don’t shop now,” she laughed. “Wait!”