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.

Another chapter in the history of Lehman Brothers is now closed. At yesterday's auction, the artwork held by the once mighty financial institution fetched $1.35 million, almost double the $760,800 presale estimate by Freeman's Auctioneers. Nonetheless, it puts hardly a dent in the $250 billion that Lehman owes its creditors.

The auction lasted six hours and featured both fast-paced bidding and generous prices. Unsurprisingly, Roy Lichtenstein's Statue of Liberty print, titled "I Love Liberty," was the top lot at $49,000 (the presale estimate was only $25,000). Robert Indiana's "Polygons" prints brought in $23,750, almost four times the expectation. Every lot moved, the first time we've seen a 100 percent auction (high profile, at least) in a while.

Alasdair Nichol, vice chairman and auctioneer at Freeman's, cites "trophy hunting" as the driver behind Sunday's result. "What's not to like?" he said to Bloomberg News." "It's nice boardroom art, presented nicely, ready to go up on the walls. People lapped it up."

The spontaneous generosity of Elvis Presley was legendary and launched thousands of stories. The 10 carat diamond ring shown above was given to fan Lloyd Perry in Asheville North Carolina at concert in 1975. This one-of-a-kind piece of Elvis Presley memorabilia will be sold at auction by Affiliated Auctions in Tallahassee, Florida on December 6th, 2009. Perry says that the piece was given to him when, four songs in to his 1.5 hour show Elvis tossed his Gibson guitar in to the audience. Perry and the man seated to his right both grabbed for the the guitar. Perry let the other man have the guitar and a few songs later Elvis Presley called Perry on stage, shook his hand and then took the diamond ring shown above from his own finger and handed it to Perry. The 10ctw diamond ring, consists of 19 four-prong set diamonds set in 14K yellow gold.

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.

While the Jaeger-LeCoultre Hybris Mechanica Sonnerie may be the most complicated wrist watch in the world, this Patek Philippe Caliber 89 pocket watch made in 1989 remains the most complex timepiece in the world. With a staggering 33 complication, both side of the dial are filled with hands and subdials. The pocket watch is very thick and weights1.1kg! The case is done in 18k yellow gold. It was made to honor the 150th anniversary of the important Swiss brand. While I am not prepared to engage in list making, you can learn all the Caliber 89's functions here.

Coincidentally, for auction house Antiquorum's 35th anniversary, a Patek Philippe Caliber 89 pocket will be auctioned off. Even in these rough times, record amounts for Patek Philippe watches have been achieved at auction. So perhaps it is a good time to auction the Caliber 89 off. In 2004, this same watch was sold at auction for $5 million. The watch took 5 years to research and 4 years to make. It is estimated to yield between $4.4 - $5.4 million, but has an estimated value of $6 million. The auction will be held on November 14-15, and the Patek Philippe Caliber 89 will be lot 364, the final lot of the auction.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

November 2008 was pure living hell for the art auction houses. The bottom had just fallen out of the market ... and they were still saddled with pieces for which they'd offer guaranteed minimums. This is exactly what happened with Roy Lichtenstein's "Half Face with Collar."

The 48 square inch painting went under the gavel at Sotheby's almost a year ago, with the seller, Italian art dealer and collector Gian Enzo Sperone, protected by a $15 million minimum by the house. Now, it's on display at FIAC, right next to Andy Warhol's "Green Disaster," in the Projet Moderne section.

For many, the question of who owns the Lichtenstein painting has been raised. Is the fact that it's hanging as an entry from the Gagosian Gallery meaningful? A source at FIAC tells Bloomberg News that it is: "Larry owns it and it's definitely for sale."

It would be poetic, of course, for the piece to fetch the $15 million it failed to reach last November, but for now, all we can do is wait for the result (if any).

I haven't heard much lately about Charlize Theron, but she made it back into this news this past week with her part in the OneXOne charity event on October 22 in San Francisco, where she took the stage to auction off a prize that included a two-week trip to her native South Africa to watch soccer's World Cup in summer 2010, a safari, and a meet-and-greet with Nelson Mandela. The winning bidder, a woman, received an extra item for her $140,000 donation -- a kiss with Theron, who had tossed in the offer of a kiss to increase bidding when the offers plateaued at $37,000.

Theron was at the event to help raise money for the Charlize Theron African Outreach Project, which is teaming with the OneXOne Foundation to bring soccer fields and clean water to the children of South Africa by 2010, in time for the World Cup. Theron is in a long-term relationship with actor Stuart Townsend. "My boyfriend is not here tonight," she joked during the auction.

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!).

We've been seeing more good results at auction this season, wine, art, watches and jewelry all seem to be selling stronger than they were a year ago. On Wednesday, the Annenberg Diamond a 32.01-carat D-flawless stone mounted in a ring by Manhattan jeweler David Webb, sold for $7.7 million, healthily above the estimate of $3 million to $5 million. The per carat price of $240,000 set a new world record for a colorless diamond at auction. The ring had been owned by philanthropist Leonore "Lee" Annenberg, who died in March at the age of 91.

Christie's "Jewels: The New York Sale and the Annenberg Diamond" and "Rare Jewels and Objets d'Art: A Superb Collection" sales together totaled $46.5 million with a combined sell-through rate of 85 percent by lot and 94 percent by value. A diamond and rock crystal bow brooch by Cartier was expected to sell for $200,000 - $300,000 but ended up going for $1.1 million and other pieces sold above estimate. Rahul Kadakia, head of jewelry at Christie's New York, expressed enthusiasm over the sale saying that for a time it was "as if the recession never happened."

If you can survive buying or selling real estate in New York City, you can survive the process anywhere (well, maybe London and Tokyo would be rough). I've bought twice and sold once in NYC, and am pretty sure some of my gray hair arrived during those months. Recently I heard about BidOnTheCity.com, "eBay for Manhattan real estate." Intriguing! You can buy or sell, but unlike most other auction sites, you can only bid at a certain time, in person or online, Sundays at noon. Even brokers can get involved. Here's how it works. Read some press coverage here.

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."

Just as his (kinda) new single is released, word comes that Michael Jackson's famous illuminating glove has sold for $70,800, right in line with what it was expected to go for. Jackson wore the glove during the 1984 Victory Tour, 25 years ago. Hard to believe, no?

At the same auction of entertainment memorabilia from Profiles In History, a bidder paid $106,200 for a Martin D-28 guitar played by Elvis Presley during his final Las Vegas performance; a bullwhip swung by Harrison Ford in Indiana Jones and the Last Crusade went for $56,050; and full-scale Velociraptor model from Jurassic Park brought in $76,700.

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.