NEW YORK — In a sale of striking contrasts, sensational world records were set for some Old Masters, while abrupt failure hit others in Christie’s traditional winter auction of Old Master paintings on Jan 31.

Fra Bartolommeo’s “Madonna and Child” became the most expensive picture ever, at $12.9 million, by the artist after bidding that involved contenders in the room and others on the phone to Christie’s agents. The sheer beauty of the circular panel still in its original frame, together with its exceptional state of preservation, placed it in the rarified category of works for which any price is conceivable as long as your budget allows it.

Add Chardin’s admirable but tiny “Embroiderer,” only 19 centimeters by 16.5 centimeters, which brought a stupendous $4 million, and few will doubt that the last-chance syndrome is working wonders in a market where masterpieces are few and far between.

But there is another side to the coin in a market where supplies are shrinking. While the very rarest and finest is pounced upon, some very good paintings easily get ignored. The overall price level has now been raised to such heights that many of the collectors who have not already lost interest in Old Masters because of the difficulty of finding great works are effectively being priced out.

As a result, pictures that do not trigger mad competition between international institutions or a few billionaires fare unpredictably.