American pop artist Andy Warhol (1928-1987) brought $380.3 million in sales in 2012, exceeding Chinese ink painter Zhang Daqian (1899-1983) as the world’s highest seller at auction. Warhol also surpassed modern master Pablo Picasso (1881-1973) and Gerhard Richter (b. 1932), who holds the record for top living artist at auction.

Warhol’s all-time sales reached $2.9 billion while Picasso, who is regarded as the world’s costliest artist at auction, hit $5 billion. Picasso’s total auction sales for 2012 were down to $334.7 million from $366 million. Officials blame lack of supply for the dip in Picasso sales; while works by Picasso remain in demand, there are currently fewer exceptional pieces on the market. Daqian took an even harder hit than Picasso, slipping from $782.4 million at auction to $241.6, most likely the result of the economic and political uncertainty that pervaded China in 2012, which affected the international demand for Chinese art.

The restructuring that occurred last year knocked Daqian from first to fourth place in terms of selling power, a reflection of the increased demand for western postwar and contemporary works in the art market. A testament to contemporary art’s dominance, auctions in that category raising a record $1.1 billion in November 2012 through sales at Sotheby’s, Christie’s, and Phillips de Pury & Co.