It is claimed he went on a £60 million ($120 million) shopping spree at Christie's and Sotheby's in New York, buying Lucian Freud's Benefits Supervisor Sleeping for £17 million ($33.6 million) on Tuesday night and Francis Bacon's Triptych (1976) for £43 million ($86.3 million) 24 hours later.
The sum is two and a half times the £24 million the Chelsea FC owner is said to have spent signing Ivory Coast striker Didier Drogba four years ago.
The Art Newspaper says that well-placed sources claim that London-based Mr Abramovich was the buyer of both paintings.
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