The May and June sales at the major auction houses will be closely watched to see if the art market is truly rebounding from the credit crisis-induced slump.

Following the winter surprise of the record-smashing $104.3 million Giacometti price, hopes are high for strong sales of important works.

Among the headliners at the Sotheby's New York sale is Matisse's "Bouquet pour le 14 juillet 1919," estimated at $18 million to $25 million and a late self-portrait by Warhol. Christie's is offering Pablo Picasso's blue period "Portrait of Angel Fernandez de Soto" and a rare-to-market Edvard Munch masterpiece, "Fertility" (estimate: $25-35 million), from a private collection.