The contemporary art market may be floundering as the recession sets in but illustrations by EH Shephard of AA Milne's Winnie-the-Pooh fetched a record £1.2m ($1.96) at a Sotheby's auction yesterday.

The sale of ink drawings, previously owned by American lumber and petroleum heir Stanley Seeger and his friend Christopher Cone, was 95% sold by lot and 99.8% sold by value - no mean feat in the current market when even work by British super artist Damien Hirst is being left on the shelf.