$1 Billion In Art Sales

The BBC reports that some of the art works which could fetch up to $1bn (£500m) at US auctions next month are being displayed in London. Francis Bacon's study of Pope Innocent X and a Mark Rothko painting - which are together expected to make up to $70m (£35m) - are on show at Sotheby's. The two works are among dozens to be sold in New York next month by both Sotheby's and its rival Christie's. A sale of Impressionist art, including works by Matisse and Cezanne, on 8 May is also expected to command large bids. A Cezanne watercolour is estimated to make up to $18m (£9m), while a reclining nude by Henri Matisse could fetch as much as $20m (£10m) at the Sotheby's sale. US banker David Rockefeller's Rothko could be sold for $40m (£19.9m). Francis Bacon's painting is considered the star lot of the same auction, and is tipped to break the record for the artist with a sale value of up to $30m (£15m). The vivid red work is based on Renaissance artist Diego Velazquez's 1650 portrait of of Pope Innocent X. Two works by abstract artist Jackson Pollock featuring his famous drip-and-pour technique will also be among the lots at the auction. But they will not exceed the reported $140m (£70m) one of his paintings commanded last year - the highest price ever paid for an art work. Sotheby's and Christie's have continued to vie for supremacy in the art auction market in recent years, with Christie's securing the largest single art sale in history in 2006, worth $491m (£245m). At next month's New York evening sales, Christie's is aiming to make up to $545m (£272m), with Sotheby's expecting to generate a total sales figure of up to $561m (£280m). (For full source and article click the Headline). Irish Art