Fifteen hundred rare works of art go under the gavel this week at the big New York auction houses, including rare masterpieces by some of the defining artists of the 20th century.
Last May, Christie's brought in $1.4 billion, while Sotheby's totaled $892 million.
Brooke Lampley, head of Impressionist and modern art at Christie's, told CNBC's "Power Lunch" on Tuesday why the quality of the 2016 Spring market does quite have the marquee names as last year.
"Not having a work over the $100 million mark this year has made it a more selective selling season. Nonetheless there are great works for sale, like Picasso's Homme assis which carries a pre-sale estimate of $12 million, painted in 1969. His late works are incredibly popular now."