manet

Manet's Self Portrait with a Palette is owned by hedge fund manager Stephen Cohen of SAC Capital. This June, during a Sotheby's auction, Cohen will add to his already vast fortune when he puts his Manet on the block. Pre-sale estimates value the painting at £20-£30 ($30M - $45M U.S.), but that is described as conservative. What shouldn't be described as conservative is art collectors' hunger for important works this year, with top-dollar records already broken twice. There are only two self-portraits of Manet in existence, and this is the only one in private hands. It is being assumed that another, very wealthy, private hand will keep it that way come June.

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.

Swann Galleries will be auctioning off  100 Important Old Master Prints and Old Master through Modern Prints on Thursday, May 4. The first part of the two-part auction includes many important prints from the16th century, including Dürer engravings such as Coat-of-Arms with a Skull,1503 (estimate $7,000 to $10,000), and St. Eustace, circa 1501 ($20,000 to $30,000) and Rembrandt etchings such as  Self Portrait with Curly Hair and White Collar: Bust, circa 1630 ($20,000 to $30,000). The afternoon session of prints includes  Manet’s Le Buveur d’absinthe, etching, 1862 ($7,000 to $10,000), the sweet and simple Cassatt’s Quietude, drypoint on Japan paper, fifth state, circa 1891 shown here ($25,000 to $35,000) and Odalisque, brasero et coupe de fruits, lithograph, 1929 ($40,000 to $60,000). You can view the art at Swann Galleries  April 29 to  May 3.