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Surrealist, modern and postwar pieces will go under the gavel next week at the Christie's Impressioniste et Moderne auction in Paris. More than 140 lots will be offered on December 1, 2009, with presale estimates ranging from $6 million to $9 million. Among the artists represented in the auction, which consists of the Lefebvre-Foinet collection, are Alberto Giacometti, Max Ernst, Henri Matisse and Zao Wou-Ki. The collection was amassed over five generations, with the latest in the family making the decision to sell.

A portrait of Maurice Lefebvre by Giacometti could fetch between $1 million and $1.5 million, but other lots are more attainable. "Lyrical Explosion C," by Alberto Magnelli, is expected to sell for $210,000 to $270,000, and Sonia Delaunay's "Colored Rhythms No. 615" could go for up to $160,000. Playing on the success of the market for Chinese art, Zao Wou-Ki's "5.11.64" could move for as much as $600,000.

Paris has done pretty well through the art market slump, especially when the auctions deviate at least somewhat from the norm. Though there aren't any guarantees, let's keep an eye on this one. It could be the touch of fresh air we need.

[Photo via Christie's]

Collectors are looking and thinking. They might take action, but it's still too soon to tell. The action at Foire Internationale d'Art Contemporain (FIAC) in Paris is deliberate: nobody's rushing to put their cash on the table. However, there are signs that some pricey and prestigious pieces may sell.

Last week, a painting by Piet Mondrian was put on reserve, at a price between $30 million and $40 million. One of Pablo Picasso's works was reserved, as well, at $24 million. Back in the art boom, these pieces would have been snapped up already, but dealers are saying that it's taking longer to complete sales at FIAC this year than last year. Even billionaires need convincing in this market, it seems.

Also, there's a greater desire to stay under the radar. Whether it's to maintain some privacy or hide the fact that they have the means to spend more than they like, some owners and buyers are turning to private sales. Bargains, thus, won't make it into the public record – sparing sellers the embarrassment and preventing the other holdings of all collectors from sustaining a measurable decline in value. If premiums are paid, buyers won't have to reveal that they have the cash to pay more, preventing prices from increasing broadly.

The time to grow is when the market is suffering. This must be in the back of the mind of art market guru Larry Gagosian, who has been involved with such heavy-hitter artists as Damien Hirst and Richard Prince. While there are small signs of a recovery, much is still uncertain. However, this hasn't stopped Gagosian from making a bold move: opening a branch of the Gagosian Gallery in Paris.

Bloomberg News reports that Gagosian is in talks to pick up space in the 8th arrondissement, near la rue du Faubourg Saint-Honore. Nobody from the Gagosian camp has commented so far.

There are plenty of deep-pocketed art collectors in Paris, including Francois and Bernard Arnault, and the French market hasn't suffered as severely as those in London and New York. That said, Paris is the smallest of the western troika, but with a presence in the two largest markets already, the French capital was the next logical step.

Waring Hopkins, director of modern art specialist Hopkins-Custot – which is located in what is likely to become Gagosian's back yard – observed to Bloomberg, "Gagosian would instantly become one of the most important dealers in Paris," and that setting up shop in Paris "would be good for Gagosian and it would be good for the city."

The market itself is only part of what makes the expansion shrewd. Gagosian can use the space in Paris to show works from contemporary artists represented by competing galleries in New York and London.

In New York and London, art auction houses for ever dollar they can bring in, but the French have been able to fight back. The number of sales and lots brought to auction has remained stable year over year. And, in the first three months of the year, Paris put up better results than London or New York, thanks to the Pierre Bergé-Yves Saint-Laurent sale at the Grand Palais back in February. Historically, Paris has lagged these two cities, but its resilience this year has changed the game a bit.

For the first quarter, art prices in France came down only 5 percent, a level that's been maintained through the rest of the year, so far. Christie's bears much of the responsibility for this success, with some solid auctions this year, though Sotheby's has helped, as well, with a Contemporary Art auction that moved 95.2 percent of the lots offered. Also, Parisian auctions aren't as up-market as those in London and New York, which has muted the effects of the global financial crisis.

In addition to the Yves Saint Laurent sale, which brought in €373.5 million (€255 million for works of art), the late May auctions at Christie's and Sotheby's did perform well relative to past years. The summer is likely to be quiet, with smaller auctions in Paris, but Christie's is bringing a private collection to market with pieces by Henri Laurens, Hans Harp and Henri Michaux, among others. The numbers won't be eye-popping, but expect the momentum to continue.

Vive la resistance!