The contemporary art market experienced a record-breaking year in 2013/14, smashing through the $2 billion mark for the first time, according to new figures released on Tuesday.

US artists Jean-Michel Basquiat, who died in 1988, Jeff Koons and Christopher Wool remain the market's biggest stars accounting for sales at auction of 339 million euros ($436 million), according to Artprice, a Paris-based organization which keeps the world's biggest database on the contemporary art market.

In the year from July 2013, sales of contemporary art at public auctions reached $2.046 billion dollars, up 40 percent on the previous year, Artprice's annual report said.