Art investors primed for London auction-fest

A Manet self-portrait, Monet's Water Lilies and a Picasso from the Blue Period are the highlights of Impressionist and modern art being auctioned in London as confidence returns to the market.

"There's a renewed confidence. When the recession was at its height, people felt that there was no point in selling the pictures if the market was weak because there was no money around," London art dealer Johnny van Haeften said.

"The stock markets are volatile, the currency markets are incredibly volatile and the banks are paying very little interest, and that is assuming that the banks remain solvent."

According to Mr Van Haeften, the three traditional reasons for investors auctioning their masterpieces - death, divorce and debt - have been joined by a fourth: The hope of securing record-high bids.

In May, a 1932 painting by Pablo Picasso set a world art auction record when it sold for a staggering $106.4 million.

The Spanish master's painting, Nu au Plateau de Sculpteur (Nude, Green Leaves and Bust), had been expected to bring in $70 to $90 million but soared past that figure to eclipse the record set in February, when Alberto Giacometti's Walking Man I sculpture sold in London for 104.3 million.

"The one thing that has proven itself as solid investments are works of art," Mr Van Haeften said, expecting a "pretty successful" June auction fest.

Up to €600 million worth of art is on offer at auction houses like Sotheby's, Christie's or Bonhams.

The auction kicks off today, with Sotheby's looking to a sale "among the greatest of recent times".