Allowing artists to keep a portion of the proceeds for the first time promotes "continuity, equitability, and sustainability," the museum's director said.

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The panelists spoke about transforming audiences into active participants as opposed to passive art viewers.

The artist's previous auction record was $16.9 million, realized in 2011.

Sotheby's has brought on the Hong Kong-based Christie's veteran Elaine Holt as head of Modern and Contemporary Art team in Asia

Both Christie's and Sotheby's sold nearly $20 million in the category, with many lots well above high estimates, in March.

Once valued at $30 million, it now has a $15 million–$20 million estimate.

The lawsuit alleges Christie's failed to protect the personal information of more than 500,000 current and former buyers.

Works by Zao Wou-Ki, Yoshitomo Nara, Yayoi Kusama, and Andy Warhol were the top lots at both Phillips and Christie's sales.

Here's what we're reading this morning.