"Our figures show that prices for contemporary art have risen by 12% in the last year alone, " said Charles Dupplin of insurance firm Hiscox.

BBC: NEWS | Entertainment | Record price for Banksy bomb art

Although the painting fell far short of its upper estimate, art expert Charles Dupplin from specialist insurer Hiscox said the sale was not a disappointment.

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Art expert Charles Dupplin congratulated Sotheby's and Hirst on the sale.

BBC: Hirst sale breaks artist record