06/21/2010 01:22 pm ET Updated May 25, 2011

AUCTION UPDATE: Art World Holding Its Breath In London

The art world is holding its breath this week in anticipation of one of the biggest art auctions in history. The June 23rd auction, set for Christie's London, boasts a total of 63 lots estimated at a staggering 231 million pounds ($342 million). On June 22, Sotheby's will hold a nearly as impressive auction of its own in the British capital, offering 51 lots estimated to fetch 148 million pounds ($219 million). Exceptional works by Picasso, Monet, Matisse, Manet, Klimt, Giacometti and Van Gogh decorate the sales' catalogues.