The art market, like many other luxury markets, saw a downturn in 2008 and 2009 in the height of the recession. The art market did however, make an exciting turn upwards at the end of 2009, leaving many art dealers and art collectors anticipating what's to come. May is a huge month in the art world. Many auctions will take place, and will most likely determine if the market will make a come back in the near future.The three major cities holding art sales will be Paris, New York, and Hong Kong. Among these sales will be Matisse's "Bouquet Pour le 14 Juillet 1919," which is estimated to go for between $18 million and $25 million. Also up on the block is Pablo Picasso's, "Portrait of Angel Fernandez de Soto," and a late self-portrait of Andy Warhol.  ← All posts