New York auctions spotlight Rothko, Basquiat, and Picasso amid 'robust demand'

New York's spring auction season kicks off on May 14, with major works by Rothko, Basquiat, Picasso and Van Gogh among the highlights.

Leading the contemporary offerings at Sotheby’s is a 1957 Mark Rothko painting, estimated at $70 million to $100 million. Sotheby's contemporary evening sales head Lucius Elliott described it as “the best Rothko” to come to auction in years, from what he called the artist's strongest period.

Also featured in the contemporary sale is Jean-Michel Basquiat's "Museum Security (Broadway Meltdown)," estimated in excess of $45 million. The 1983 work comes from a period in Basquiat's career as he was gaining wider recognition and “breaking into the museum space,” Elliot said.

When the modern sales begin on May 19, Pablo Picasso's "Arlequin Buste," painted in 1909, is expected to sell for more than $40 million. The work comes from a turning point in Picasso's career, as he moved toward the development of Cubism.

A Vincent van Gogh watercolor from Arles in 1888 is also among the highlights.

“This watercolor is exceptional,” said Allegra Bettini, Sotheby’s head of modern art marquee sales, explaining that the work came from the period when Van Gogh's mature style was emerging, and that he made only a small number of watercolors in Arles.

Auction specialists say the market has shown "robust demand" in recent months, with strong results in New York, London, Hong Kong and Paris.

“The art market has been extremely strong for the last eight months,” Elliott said.

Sotheby’s upcoming sales are expected to offer another gauge of demand for high-value modern and contemporary works.

-Andrew, Hofstetter, Christine Kiernan/Reuters