An abstract artwork work by Serge Poliakoff (1906-1962) was the star of a major Modern and Contemporary art auction in Germany on June 9.

The Russian-born artist's 1964 oil, Composition abstraite orange, jaune, vert, lie de vin, sold for €524,600 ($655,750) to a German buyer, 109.8% above its €250,000 estimate.

Serge Poliakoff’s 1964 work made $655,750

Poliakoff's Tachisme style is proving increasingly popular on the art markets, regularly achieving six figures. A 1953 work sold for €603,200 at Sotheby's in May 2007.

The sale achieved €13m in all, an impressive €1m clear of the corresponding auction last year.

"Art is in demand more than ever," commented the auction house's owner Robert Ketterer.

"17 results beyond the €100,000-mark and sharp increases make for an impressive result. It's the quality that counts."

The auction was also evidence of the art market's attraction to new buyers, with new customers forming 30% of winning bidders in the Modern lots - an indication that growing numbers of investors are seeking the rich diversity afforded by the art sector.

A 1957 oil work by Frenchman Pierre Soulages, Peinture, was the event's second biggest seller, going to a Swiss collector for €490,000.

Meanwhile, Gabriele Munter's Abend am See achieved €415,000.

The auction's highest increase was posted by an untitled work from Heinz Mack, selling for €183,000 - 436% above the €28,000 starting bid.

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