NEW YORK (TheStreet) -- Christie's New York is preparing for its Impressionist and modern art evening sale on Wednesday, with pieces from artists including Monet, Picasso and Kandinsky. The auction house is expecting to bring in at least $200 million. One of the most exciting items listed in the sale is The Grainstack by Monet.
"It's the culminating work in his series of 25 canvases that he did between 1890 and 1891," Christies International Director Brooke Lampley said in an appearance on "Bloomberg Markets: Americas" Friday. "This is the first time he devoted himself to one subject over the course, in this case, of many seasons, to see how one subject can be influenced by atmosphere and light."
The Monet is expected to sell for $45 million.
There has been an "erosion" in the guarantees that auction houses are giving people that are selling their works, BloombergTV's David Gura noted. He asked Lampley if that has changed what Christie's is able to receive and sell.
"Supply is certainly impacted by liquidity in the market, always," she responded. "But you'll see some guarantees this season for very high-quality works."
One example of this is a piece by Kandinsky, Rigide et courbe; there is almost nothing of this quality left in the hands of private collectors, they are all in museums. The painting was first acquired by Solomon Guggenheim in 1936, one year after it was painted, directly from the artist. In the painting's lifetime it has only been in two collections.
Christie's bidders come from a very diverse background, Lampley said. The auction house gets bids from all over the world with Americans and Europeans being the staple of the Impressionist and modern sectors. However, Latin American, Middle Eastern and Asia bidders are coming into the market as well.