Spring auctions at Sotheby's and Christie's starting this week in New York are expected to confirm a return to the good times for the art market, although not at pre-recession record prices.
As every year, the two big rival auction houses will hold impressionist and modern sales first, followed by contemporary sales the following week.
With Wall Street profits roaring back from the 2007-2008 financial crisis, the auctions will feature a string of top-end works aimed at big-spending collectors. Christie's opens the season with 72 lots today, including the collection of Frances Lasker Ms Brody, a philanthropist from Los Angeles who died last year. Brody's collection includes the main feature of the sale, Picasso's Nude, Green Leaves, and Bust, estimated to sell for between $70 and $90 million.
That could put the Picasso within range of the world record for his works, which was $104 million paid for Garcon a la Pipe in New York in 2004.
"The Brodys bought it in the 50s. It was only exhibited once in 1961. When we got into Brody's house in November it was quite an experience," said Conor Jordan, head of the impressionist department for Christie's.
The New York Times reports that Christie's and Sotheby's battled for four months to win the Brody sale, with the winner coming away after offering an undisclosed guaranteed sum to be paid to the sellers, whatever the result of the auction. This revives a practice largely abandoned when the late 2008 financial meltdown hit the art market.
Other Christie's auction stars are the rural scene Fertility by German Edvard Munch, which is estimated at between $25 and $35 million, and a Matisse called Nu au coussin bleu, estimated to sell for $20 to $30 million. Sotheby's may have missed out on the Brody collection but tomorrow will sell a string of masterpieces including a Matisse called Bouquet pour le 14 juillet 1919, estimated at $18 to $25 million.
A comparable painting named Les coucous, tapis bleu et rose, sold for $45.2 million in Paris last year, setting a Matisse record.
During contemporary art week, Christie's is selling a remarkable collection from the late thriller writer Michael Crichton, author of Jurassic Park.
The author's collection also includes an astonishing range of contemporary art, including Flag, by Jasper Johns, as well as paintings from David Hockney, Jeff Koons, Roy Lichtenstein and Andy Warhol.
Sotheby's will be offering a huge self-portrait of Andy Warhol at an estimated price of $10 to $15 million and a red canvas from Mark Rothko for $18 to $25 million.
"Three years ago (the Rothko) would have been proposed at between $30 and $40 million," said Tobias Meyer, head of contemporary art at Sotheby's. The record for a Rothko was set in New York in 2007 at $72 million.