Christie's tried in New York with a 1983 piece by Jean-Michel Basquiat and didn't succeed. The auction house may have been too aggressive in estimating the 16-foot piece at $9 million. That's what's tough about the art market right now. There are signs of recovery, and it can be tempting to push for higher prices. Unfortunately, it's easy to get a bit excited. The painting had the highest estimate at the auction. The piece with the second highest presale estimate, a piece by Andy Warhol, met a similar fate.

The Basquiat piece, "Brother Sausage," was offered anonymously by a buyer later revealed by Bloomberg News to be Peter Brant, an art collector based in Connecticut. The piece may be a casualty of his divorce from model Stephanie Seymour. Well, it won't be financing post-marital discord and could remain a contested asset for a while.

Warhol's "Tunafish Disaster" was projected to move for up to $8 million and, like the Basquiat painting, didn't receive any bids. Art dealer Robert Mnuchin of L&M Arts was stuck taking it home.

Yet, some works beat the odds in an auction that raked in $74.2 million, within the presale range of $61.5 million to $88 million. Nonetheless, this was the lowest result we've seen from a Christie's New York contemporary art effort since May 2003 and down 81 percent from the top of the market two and a half years ago.

A big auction with major pieces actually beat the top-end estimate – when's the last time you heard that? Wednesday night at Sotheby's, the Impressionist sale brought in $181.8 million, thrashing the high estimate of $163 million and almost tripling the Christie's auction from November 3, 2009. It's also around three times the last equivalent sale by Sotheby's, which was back in May.

The Sotheby's auction was packed with notoriety. Conde Nast's top dog, S. I. Newhouse Jr., sent some work under the gavel, as did Louis Reijtenbagh. Artwork by Giacometti, Picasso and Renoir was sold. Sixty-six lots were offered, with only 10 failing to sell.

New York art dealer Helly Nahmad told Bloomberg News, "The art market is back," but that may be premature. Bidders were chasing the high-quality pieces, and it is tempting to believe that what auctioneer Tobias Meyer calls "a year of abstinence" is over. The fact that the Sotheby's auction was so much greater than that at Christie's, though, makes me want to see a few more sales before calling it a trend.

Sotheby's and Christie's are heading east to seek their respective fortunes. The two auction houses are offering more than $26 million of Asian art this week in London. The lots themselves are attracting record numbers of buyers from mainland China, a section of the market that has shown signs of life this year. Chinese buyers were quite active in Hong Kong last month.

Nicholas Chow of Sotheby's told Bloomberg News, ""We've seen a really aggressive push from mainland Chinese collectors during the last season of sales" and that "they're buying things at the very highest level." An Imperial jade seal, for example, moved for GBP3.6 million on Tuesday, six times the high-end presale estimate.

On November 3, Christie's sold an aggregate GBP5.7 million, beating the presale estimate of GBP5.2 million. Of the 319 lots, a third didn't move. The top seller was an eighteenth century enamel model of a Buddhist shrine, which beat its presale range of GBP60,000 to GBP80,000 with a hammer sale of GBP229,250. Nine of the top 10 most expensive items went to buyers from Asia.

Collectors from mainland China are quite eager to repatriate art and other objects from their heritage, particularly the Qing and Ming dynasties ... a fact of which the auction houses are fully aware. Christie's sent 210 invitations to mainland Chinese for its 12th annual Asian Art in London event, which ends November 7, 2009. Sotheby's pursued a similar number of collectors. Bonhams has invited 30 new buyers from mainland China.

In October, the Sotheby's Hong Kong art auction was good for $170 million, with plenty of bidding and buying by mainland Chinese buyers.

If you want art with an unique history, go to Freeman's auction house in Philadelphia tomorrow. More than 200 contemporary and modern art pieces formerly owned by Lehman Brothers will be going under the gavel. The efforts of David Hockney, Robert Indiana, Frank Stella and Roy Lichtenstein will be represented at the auction. The collection is valued at between $500,000 and $750,000, and most of the lots do not have reserve prices. Those that do (there are only around a dozen) only have minimums of $10,000.

This is an auction that's sparked some interest among art collectors.

Anne Henry, vice president of Freeman's, told The Associated Press, "Our phones have been ringing off the hook," continuing, "The pieces are interesting, in great condition and appeal to all kinds of collectors." Specific lots include an Alexander Calder print estimated at $800 to $1,200, a set of nine Walker Evans photographs which are estimated at $1,000 to $1,500 and a Roy Lichtenstein print of the Statue of Liberty, which is expected to go for between $15,000 and $25,000.

Lehman Brothers didn't get much time to enjoy the pieces it purchased. Some were acquired only a few months before the storied investment bank collapsed in September 2008, crushed by the weight of $600 billion of debt.

Of course, this auction pales in comparison to that of former Lehman CEO Richard Fuld. He sold 16 pieces at a Christie's auction last year, bringing in only $13.5 million, nowhere close to the $20 million estimate.

If you can't make tomorrow's auction, Freeman's will be holding two more: one for paintings and sculpture on December 6, 2009 and a no-reserve auction of 450 prints on February 12, 2010.

The three major auction houses were upbeat at the Frieze Art Fair and seem to think an art market recovery is in the works. ArtInfo reports that Sotheby's, Christie's and Phillips de Pury came out of the event feeling positive about the market's direction – even if it is tempered with a dose of reality. The number of pieces sold and the prices at which they moved were still pretty far from what they were in the pre-Lehman days. For now, though, collectors need to think about the early stages of recovery, not hope for a return to the glory days of 2007.

The auction houses did fairly well, though estimates tend to be far lower than a year ago. Damien Hirst's Wallace Collection moved well, with "Two Skulls" selling for $705,244, far more than its presale estimate. Emerging artists had moments in the sun, as well, particularly Hurvin Anderson's "Untitled (Beach Scene)," which sold for $158,304 – more than three times its presale estimate. Farhad Moshiri's "Cowboy and Indian" more than doubled its presale estimate, with a price of $548,976. In general, the auctions posted sufficient results, the first step in a market turn. Sotheby's and Christie's pierced the $20 million mark in recent contemporary auctions, and Phillips de Pury moved 31 of 43 lots to reach $6.7 million in a recent contemporary auction.

Now that the art market is moving from Frieze to FIAC and into the busy fall auction season, we'll get a sense of what 2010 will look like ... and if the market is finally picking up the momentum we all want it to show. The last art market slump, from 1990 to 1992, didn't bring an immediate resolution, with prices not returning to normal until 1995. So, brace yourselves for a slow recovery (or treat it as bargain season!).

It's still possible to set a record in this art market; it just takes an amazing lot from a far-off period in time. On December 8, 2009, a drawing by Italian renaissance artist Raphael will go under the gavel. The piece is expected to pull in a world record $19.7 million. The 12-inch drawing (in black chalk) will be auctioned by Christie's at its Old Masters auction. It was a study used for a muse in Raphael's fresco of Parnassus, which is in the Stanza della Segnatura in the Vatican. This is the highest quality piece by Raphael to come to auction since the 1980s.

Christie's is selling the Raphael drawing on behalf of an anonymous private collector, though it's been owned in the past by Sir Thomas Lawrence and King William II of Holland. It hasn't shown up at auction in more than 150 years. The history associated with this piece, as well as the piece itself, are what make it a threat to the record of 8.1 million pounds paid for the drawings "The Risen Christ" (Michelangelo) and Leonardo da Vinci's "Horse and Rider." They sold in July 2000 and July 2001, respectively.

The drawing was completed between 1508 and 1511 at the request of Pope Julius the II. The artist died in 1520 at the age of 37.

The sale will feature other major works including a masterpiece by Rembrandt, shown at right. Unseen in public for almost 40 years and offered at auction for the first time since 1930, Portrait of a man, half-length, with his arms akimbo, 1658, is offered from a distinguished private collection and is expected to bring in £18 million to £25 million. One of the most significant Old Masters to be offered in recent years. Saint John the Evangelist by Domenico Zampieri, called Il Domenichino (1581-1641), will be presented for sale for the first time in over 100 years. It is expected to sell for £7 million to £10 million.

Christie's International moved $18.3 million in art at its contemporary London auction on Friday. Three pieces sold for more than $1.6 million (including fees), with the top price going for a piece by Martin Kippenberger ($3.76 million); a phone bidder acquired it. Of the 25 lots offered at the art auction, which coincided with the Frieze Art Fair, 24 sold. Half the lots went to bidders from North America.

The equivalent auction held by Christie's last year consisted of 47 lots and brought in revenue of $52 million. But, it missed the low-end estimate of $95 million by a mile. At that auction, 45 percent of the lots didn't sell.

The seemingly better performance this year may provide a warm feeling to a market that's been battered for a while, but it should be balanced against the fact that expectations were much lower than last year, a trend that has developed throughout the art market slump.

Other impressive results include $1.46 million for "Signal Box" by Neo Rauch, $1.57 million for Jean-Michel Basquiat's "Fuego Flores" and $886,000 for Damien Hirst's "Retribution."

Last year, the Russians were buying art just as fast as they could. Now, they're doing the same thing in reverse. Sotheby's and Christie's are bringing $31 million in Russian art to market, thanks to a global recession that has left the country's many billionaires financially crippled and in desperate need of liquidity.

Christie's is hoping to rake in $21.6 million from today's Russian art auction, which includes a porcelain dinner set owned by once-heir to the throne Grand Duke Paul. Sotheby's has approximately $9 million in Russian art, which it plans to send under the gavel on November 2.

If art and economic never intersected, we could just enjoy the aesthetic and be done with it. But, reality forces its way in – especially with the Russian economy 10 percent smaller than it was a year ago. And, the number of Russian billionaires has plummeted from 110 in 2008 to 35 now. Wealthy Russians and Ukrainians, according to William MacDougall, co-director of MacDougall's in London, are responsible for more than 90 percent of the market for Russian art.

So, expect the selling prices to suck, frankly. Even with some strong lots – Alexis de Tiesenhausen, director of Russian art for Christie's calls this auction unique in terms of "quality and historical significance" – the target market is selling rather than buying. The Christie's auction consists of 550 lots. The Sotheby's auction will have 122 – including paintins by Natalia Goncharova and Konstantin Korovin.

Estimates are much lower than they were in 2008, because of supply at auction, the drop in the art market and the absence of buyers in the target market.

While many of the art auction houses are dreading the fall season, Sotheby's has a few lots to celebrate. Art advisors can't keep their mouths shut, it seems, and following a luncheon for them, word got out that the house has picked up pieces by Alberto Giacometti and Andy Warhol next month.

Most collectors have been hanging onto their art, unwilling to sell their pieces in an unfavorable economic climate. Instead, they're hoping for a recovery and will likely unload the good stuff when they can get top dollar – or at least something better than fire-sale prices. So, it's pretty astounding that Sotheby's was able to nab such high-powered pieces when the rest of the world is scraping for decent. If it was looking for a differentiator this season, it got one.

The sculpture by Giacometti, "L'homme qui chavire," will go under the gavel on November 4, 2009 and is estimated at $8 million to $12 million. A similar piece by the same artist sold at Christie's New York in May 2007 for $18.5 million, after having been estimated at $6.5 million to $8.5 million. But, that was 2007 ... a different time, for sure.

The seller is publishing business stud S.I. Newhouse, Jr., who is thought to have acquired the piece in a private transaction. Maybe the Conde Nast superstar should have unloaded it sooner and sunk the cash into the magazines he had to close.

Damien Hirst is again playing the role of philanthropist (so I have to be nice), along with Raqib Shaw and Marc Quinn. The artists have donated paintings to an auction that London jeweler Laurence Graff is holding for FACET (For Africa's Children Every Time). Graff wants to raise $1.26 million for the organization, which seeks to support the education, health and quality of life of children in Africa ... where Graff Diamonds picks up most of its raw material.

Graff's event follows several other charity auctions this year, all of which were pretty impressive in their results. Sotheby's raised ₤453,950 for two organizations that help orphans in Africa, and Christie's raised an astounding €342.5 million at its Yves Saint Laurent collection auction back in February – the money will be used to fund HIV research and fight the spread of AIDS.

The first lot donated was by Graff himself: diamond earrings estimated to be worth around ₤80,000. The other paintings (e.g., by Hirst) are pegged at around ₤100,000 each.

What a difference a year makes!

Buyers brought their wallets to the Sotheby's auction in Hong Kong Monday, shelling out plenty of cash for pieces by Chinese masters. Sanyu's "Lotus et Poissons Rouge" fetched $4.7 million – beating the presale estimate soundly. But, the price was still considered low for Sanyu. In fact, the success of the auction is tainted by the fact that estimates aren't reflective of past sales levels. A painting by abstract artist Zao Wou-ki pulled in $2 million for the house.

Of course, there was plenty of optimism, fostered by both the performance relative to estimates and a burning desire to be out of the art market slump. Hua Yuzhou, who owns a gallery in Shanghai, says in Bloomberg News, "Give it a few months and these pieces may run beyond our reach again."

All year, I've sifted through story after story in which auctions either miss or barely attain low-end estimates. So, the action at Bukowskis auction house in Stockholm easily caught my attention. The chess set (probably) used in the match against Death in Ingmar Bergman's 1957 film "The Seventh Seal" sold for a whopping 100 times the minimum. So, where bidders are committed, there is still plenty of life in the auction market.

The pieces, made from wood and plaster, went for $143,270 shortly after midnight (local) on Tuesday morning. The low-end for the chess set was between $1,400 and $2,100. In total, 339 lots sold at the Bukowskis auction, resulting in $2.5 million, 8.5 times the minimum aggregate asking price of $285,000. Bergman's writing desk, designed by Carl Malmsten, moved for nearly $23,000, and a pair of night tables adorned with scribbled personal notes by Bergman sold for just over $48,000 – despite the commencement of bidding at $2,800.

Depending on the estate, it seems, the auction market is coming back.

Sotheby's, Christie's and Phillips de Pury have released their estimates for the October auctions, and late summer signs of confidence have disappeared. Contemporary art forecasts for next month's auctions are down 81 percent from October 2008 – which was the first series of auctions conducted following the financial crisis.

The three auction houses expect to rake in around $33 million during London's Frieze Art Fair, according to Bloomberg News. Last year's low-end estimate (not accounting for currency fluctuations) was five times greater than this year's low-ball number. And, last year, the houses were offering minimum price guarantees to sellers, a practice that has since been suspended.

Frustrating the situation for auction houses further is the fact that many collectors are turning to private sales rather than auctions, as they hope to retain a greater degree of control over the outcome of the transaction. If the buyer doesn't agree to a sufficiently high price, the seller at least walks away with his piece.

The coming of the Frieze Art Fair includes contemporary art auctions by Christie's and Sotheby's which will be held on the same day. The former will send 25 lots under the gavel on October 16, 2009, with a low estimate of ₤6.8 million. This is a profound drop from 2008's 47 lots (six guaranteed) and a low estimate of ₤57.8 million. The only promising sign earlier this year was an increase in sold rates, with Christie's moving 88 percent of its lots in June and Sotheby's selling 92.5 percent.

At today's Phillips de Pury & Co. auction, Now: Art of the 21st century, handbag designer (and possibly former artist) Damien Hirst is back on the scene with a major auction house. A year ago, he divested his collection of his own work, ostensibly sensing that the market for him was about to crash (which, in fact, it did). Phillips de Pury isn't making any big bets today with Hirst, though. For now, it has two lithographs of Hirst's famous(ly expensive) skull up for sale. For the Love of God, Laugh; The Diamond Skull is listed at £10,000 - £15,000.

Peter Fuss, on the other hand, seems to have nailed it. His piece, For the Laugh of God,, shown above, is also up for grabs. It's a knockoff skull, listed for a little more than half the price of the lithos (£6,000 - £8,000), but the title conveys the spirit. Created when Hirst was peddling the original skull for the princely sum of £50 million ($100 million at the time), For the Laugh of God was originally offered for £100, as a way to help Britain reclaim this "treasure."

The blog "Modelator," which covers Polish art, observed in June 2007, "Our British friends, we are coming to rescue you! Like the cheap Polish labour well known to you, Polish artist Peter Fuss wishes to relieve the British nation from such a great expense." This was in response to Guardian journalist Jonathan Jones, who declared, "We must buy the diamond skull for Britain."

While Hirst's skull cost a fortune even in materials, For the Laugh of God consists of close to 9,900 pieces of glass made to look like diamonds and entailed an investment of £250 and 18 hours. Now, it's up for more than 40 times that amount, while Hirst is reduced to selling posters.

Auction house Phillips de Pury & Co. tends to lean heavily toward the contemporary world, which is a lot like loading up your portfolio with small foreign stocks – it's extremely volatile. Before summer ended in 2008, this was a pretty good move, as contemporary art was skyrocketing at auction, and Phillips de Pury was there to take advantage of it. Since then, however, it's been harsh. At the May 14 and 15 contemporary sale in New York this year, the house pulled in only $10 million (compared to $62.8 million a year earlier).

To navigate the severe auction market, Phillips de Pury has decided to stick with the ultra-contemporary market, but it's restructuring, mixing contemporary art, photography and design – all of which are usually listed and sold separately.

Today's the day we'll see if it works. In London, Phillips de Pury is conducting the auction Now: Art of the 21st century. It consists of 291 mixed lots, with everything from photos to furniture. All pieces were created after 2000. There will be a wide spectrum of talent reflected in the lots, as well, with unknowns and high-profile artists like Tom Price and Candida Hoffer coming under the gavel.

Phillips de Pury has a reputation for being a bit more flexible than Sotheby's and Christie's, so breaking with tradition could help the house beat the bust and get back to the business of actually selling art at better than fire-sale prices.