The contemporary art market now represents 11% of the world's art turnover, according to figures from Artprice.

The number is a significant rise from less than 4% in 2002, and is evidence of the growing demand for contemporary pieces, and subsequently values.

Warhol's Statue of Liberty sold for $43.8m in November

In the 12 months to June 2012 the contemporary art sector was worth $1.1bn, with sales in China leading the way.

The country is responsible for just short of 40% of the globe's contemporary art auction turnover, up from 24% in 2008, having overtaken the US into first place during those four years.

America is responsible for 25% of contemporary art sales. The UK is in third place, with 22%.

Outside of the big three there is a major drop off, with fourth placed France responsible for just 4% of the world's contemporary auction revenue.

The figures follow this year's Artnews 200 report, which found that 84% of the world's leading 200 spenders on art collect contemporary pieces.

Major contemporary auctions in 2012 included Sotheby's Evening Sale of Contemporary Art in November, which saw Mark Rothko's No.1 (Royal Red and Blue) sell for $75.1m - helping the auction house to a total of $375m, the highest achieved by any auction in its history.

The sale was followed a day later by Christie's own contemporary auction, where Andy Warhol's Statue of Liberty made $43.8m. The sale made $412.3m in all - the highest achieved at one of its Post-War and Contemporary Art auctions.