Here is the most valuable auction in art history

If any further evidence was required that the international art market is reviving, Christie's has provided it by declaring ‘the most valuable auction in art history. If things go according to plan, Picasso, Van Gogh and Monet are some of the artists whose combined works could well fetch £230m.

The event includes Picasso's ‘Portrait of Angel Fernández de Soto’ (The Absinthe Drinker) and Monet's ‘Nympheas’ – each slated to raise anywhere between £30m and £40m. Among the 63 works in a prestigious sale by the auction house on 23 June, Henri Matisse's ‘Nu à la chaise longue’ (1923) has not been seen since it was painted. It’s on offer at public auction for the first time. Providing a backdrop to the event, a news report by Arifa Akbar in The Independent, UK mentions:

“The art market bubble burst shortly after the collapse of Lehman Brothers in late September 2008, as the economic crisis set in, and some had predicted a slow and painful recovery spanning decades. Yesterday, Christie's suggested the recovery would be a lot faster, with a growing treasure trove of artworks emerging on the market.”

According to Christie's head of Impressionist & Modern art, Giovanna Bertazzoni, the art market is now truly global, with bidders from China, Russia, Europe, the Middle East, and the Americas participating in the auctions. Giovanna Bertazzoni was quoted as saying:

"The strong results at our auctions during the last six months in particular, have further fueled the confidence of vendors; we are witnessing a great willingness from clients to consign works of the highest quality."

Art market observers point out that the lavish sums set for some of the works in the upcoming sale were not really surprising considering the recent price rises. So, if you are looking for a hint of recovery in the art market, it cannot be any broader than this!