Summer is slow for the art auction houses – and anyone else who has to step outside into the oppressive heat. But, in air conditioned offices around the world, Sotheby's and Christie's are getting ready for the September auctions in New York. The first will be the Christie's Indian, Chinese, Japanese and Korean auction on September 16 and 17, followed by Contemporary Art on September 23 and 24 at Sotheby's.

The catalogues haven't been published yet, but a little bit of information is starting to slop out. On November 4, for example, Sotheby's will be bringing several Impressionist paintings from the Paul Durand-Ruel collection under the gavel. These works were purchased directly from the artists and have not left the collection since being bought. Durand-Ruel (who died in 1922) supported several of the Impressionist artists. The collection consists of nearly 12,000 pieces – with 1,000 by Claude Monet, 1,500 by Auguste Renoir, 400 by Edgar Degas, 800 by Camille Pissarro and 200 by Edouard Manet.

The economy seems to be turning, albeit slowly. And, stronger pieces are coming to auction. This combination could be the first sign that the art market is on its way back, though it's going to take a while to reach 2007 levels again. For now, let's be patient and just hope for an exciting, full and active autumn auction season.

Last night was Christie's London's turn to try out the 2009 art market. Unlike the previous night when a Sotheby's auction brought in £32.6 million versus a low estimate of £40.6 million, the Christie's auction went over the low estimate. The Christie's Impressionist and modern art auction brought in £63.4 million against a revised low total forecast of 58.8 million pounds. The 47-lot auction of Impressionist and modern art included Monet's painting "Dans la Prairie" which had a single bid £11.2 million, it had an estimate of £15 million. In 1988, at the height of the last art-market boom, when Japanese bidders were bulk-buying classic Impressionist works, the painting sold at Sotheby's in London for 14.3 million pounds with fees. The painting had last appeared on the auction market in November 1999 at Sotheby's New York, where it sold for $15.4 million. As Bloomberg reports it was part of a set of four Impressionist-period pieces from the same collection which had been bought between May 1998 and May 2000. Another, a Henri Toulouse-Lautrec's 1895 oil-on-board picture of two girls lying on a bed in a brothel, "L'abandon (Les deux amies)," had a low estimate of £5 million and sold for £6.2 million. In 2000, it sold at Sotheby's New York for $9.4 million. The two other pieces from the collection up for auction, a Monet landscape and a Renoir painting, failed to sell. The auction was 60 percent lower than the £105.4 million pounds Christie's got at the February sale in London last year when 83 percent of the lots found buyers. The February results seems a bit brighter than November's tally when just 56 percent of the lots sold.

Back in March my colleague Deidre Woollard wrote about the absinthe craze ushered in by the end of a longstanding ban against the supposedly dangerous spirit. The hype has died down somewhat, and while faddists move on to other obsessions leaving true enthusiasts to enjoy themselves, the original absinthe maker, Pernod, has finally re-introduced their famous original.

Pernod Absinthe (right) is a revival of Pernod Fils, arguably the most authentic absinthe ever produced with a recipe that's over 200 years old. The company stopped making it in 1915 when the French government banned absinthe, later coming out with a wormwood-free version. The original is a high-proof sprit distilled from Grand Wormwood, fennel and anise - exactly the same as consumed by the likes of Picasso, Van Gogh, Monet, and now, us.

Russian billionaire Andrey Melnichenko's long-awaited yacht is getting some pricey decoration. The wildly distinctive yacht, known simply as "A" named after Melnichenko's wife Aleksandra, was designed by Philippe Starck. The Times Online reports that the $400 million megayacht recently motored to Norway to pick up three Monet paintings. It is believed that Melnichenko chose Norway to avoid EU import taxes.

The 390-foot ship was built by Blohm & Voss and features details including a glass roof looking up into one of the two swimming pools. It has six guest cabins but room for 42 staff members.

Check out more pictures of this incredible yacht at Monaco Eye.

I'm no art critic, which is perhaps why I'm a little mystified by the astronomical sale of Le Bassin aux Nympheas by Claude Monet for £40,921,250, ($80,451,178) at a recent sale at Christie's London. This new sale obliterates the record set at Christie's New York in May by Monet's "Le Pont du chemin de fer a Argenteuil" which went for $41.181 million.

Le Bassin aux Nymphéas was fought for by three bidders, two on the telephone and one woman at the front of the room. The Guardian reports that at one point the woman bidder asked for more time but she eventually had the winning bid. The painting is one of Monet's large-scale Nymphéas which led to his Grandes décorations, the frieze now in the Musée de l'Orangerie, Paris. Dated 1919, when Monet signed the picture and sold it with three sister-works, Le bassin aux nymphéas is one of the tiny handful of pictures from this period that he sold.

As the Guardian article mentioned, quoting art expert Charles Dupplin, right now the art market is an interesting spot. Records are being smashed all over the place while the middle section of the market appears to be sagging. This mimics in some ways the state of the entire luxury market which has remained robust at the ultra high end but has shown serious weakness in the lower and middle ranges.

A Francis Bacon triptych painted in 1976 is expected to fetch about $70 million in the star sale of Sotheby's Contemporary Art auction in New York on May 14. If the work, billed as the most important privately-held Bacon extant, does max out despite all the hand-wringing going on, the price will eclipse Impressionist claptrap like this $40 million Monet while still falling far short of some puffed-up Picassos. (The middle panel is pictured here; see the image gallery for the complete piece.) Back in February, a Bacon triptych sold for $46.1 million at Christie's in London, slightly below estimate, though the one currently on offer is the better work in our opinion.

Also included in the stunning sale is Mark Rothko's 1956 Orange, Red, Yellow, expected to fetch in excess of $35 million; Jean-Michel Basquiat's beautiful Untitled (Prophet I), est. $9 - $12 million; Robert Rauschenberg's 1963 Overdrive, est. $10 - $15 million; Richard Prince's Millionaire Nurse, est. $3.5 - $4.5 million; a 1986 Andy Warhol self-portrait, est. $2 - $3 million; an untitled Cy Twombly, est. $1.5 - $2 million; and a very naughty manga-inspired sculpture by Louis Vuitton collaborator Takashi Murakami, valued at an astonishing $3 - $4 million.