Bacon, Basquiat, Hockney paintings set for auction at Sotheby's and Christie's in New York

Starting mid-May, New York hosts the traditional spring auction season for the art market. Max Carter, Vice-Chairman, Christie's New York said "We have two fantastic collections: one is the collection of Norman and Lyn Lear.

The top lot is the masterpiece by Hockney 'A Lawn being sprinkled' from 1967 behind me. We have the collection of Rosa de la Cruz which is more contemporary, more 90s and early 2000s. There's a iconic 1982 painting by Basquiat. We have an 82-inch Warhol flowers from 1964 which is estimated at $20 to $30 million.

We have an O'Keefe red poppy from 40 years before, at $10 to $15 million. The world's two leading auction houses are set to offer paintings by Bacon, Hockney, Basquiat and Monet for tens of millions of dollars.