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Edition: U.S. Article Comments (0) Editor's Choice Seventh heaven awaits Boston Bruins or Vancouver Canucks Springsteen sideman Clemons suffers stroke: reports Court mulls if gay judge can rule on gay marriage Jeter's 3,000 hits chase interrupted by calf injury Why Meryl Streep, Leonardo DiCaprio could get Oscars NFL's Plaxico Burress to warn children away from guns Songwriter wins round in "Twilight" legal battle Comment: Popular Prada can afford to skimp on IPO fees Video: Paris to London via a...penny farthing Slideshow: The Queen's birthday parade Follow Reuters Facebook Twitter RSS YouTube Read Obama: If debt limit not raised, financial crisis possible | 11:09am EDT Nokia wins rare victory as Apple settles legal row 7:55am EDT Dow jumps more than 1 percent 10:15am EDT May retail sales post first drop in 11 months 10:28am EDT Germany celebrates Nowitzki's title 10:09am EDT Discussed 127 Alabama governor signs nation’s toughest immigration law 111 Obama weighs new steps to boost jobs 79 U.S. debt default unimaginable, creditors say Watched The day ahead: June 14, 2010 Mon, Jun 13 2011 Airbus' view of flying in the future Mon, Jun 13 2011 Obama resigns from church Mon, Jun 2 2008 Art market buzzes ahead of Basel, London sales Tweet Share this Email Print Related News China, U.S. data revive bids for stocks and oil 11:17am EDT Unseen pictures capture outbreak of Beatlemania Fri, Jun 10 2011 Wall Street bounce fails to impress the skeptics Thu, Jun 9 2011 Oil jumps as OPEC talks fail, eyes Saudi solo hike Wed, Jun 8 2011 UPDATE 4-Aegis in talks to sell market research unit Mon, Jun 6 2011 Analysis & Opinion Is U.S. business abandoning the middle class? M.F. Husain, Swami Ramdev and the world’s largest democracy Related Topics Entertainment » Fashion » Arts » Lifestyle » New York Yankees baseball player Alex Rodriquez (L) looks at artwork during a preview of the Art Basel Miami Beach art show at the Miami Beach Convention Center December 1, 2010. Credit: Reuters/Hans Deryk By Mike Collett-White LONDON | Tue Jun 14, 2011 9:22am EDT LONDON (Reuters) - Billions of dollars of art will be on show in Basel at the annual fair this week and in London ahead of a big series of sales, with experts cautiously optimistic that buyers are set to snap up rare treasures. Art Basel, described as the world's top fair for modern and contemporary works, opens on Wednesday with 300 galleries displaying works with a combined total worth of around $1.75 billion, according to specialist insurer Hiscox. "We didn't do a calculation last year, but my guess is that this year is up about 15 percent (on 2010)," said Hiscox fine art specialist Robert Read. He added that the mood in the market was generally confident, with the sharp contraction in global sales in 2009 already a fading memory. "I think we're further away from the bad news," he told Reuters. "People forget things so quickly. Buying art is fun and sexy, and people were never going to give it up forever, were they?" Once the wheeling and dealing in Basel is done by its close on June 19, the focus shifts to London where rivals Christie's and Sotheby's hold sales where the strength or otherwise of the market will be more visible. Christie's described its upcoming season as "one of the company's richest and most exciting," and expects to raise more than 250 million pounds ($410 million) over four weeks. The company has opened an exhibition in London this week of more than 100 works to be offered to super-rich collectors and investors, including a drawing by Michelangelo and paintings by George Stubbs, Claude Monet and Pablo Picasso. Also on display will be a sculpture by Dutch artist Adriaen de Vries discovered during a routine Christie's valuation at a European castle and expected to fetch 5-8 million pounds. Christie's starts its main sales of the season on June 21 with an impressionist and modern art evening sale. CHINESE BUBBLE? Sotheby's expects its equivalent series to raise in excess of around 215 million pounds, including what it said could be a record auction price for Austrian artist Egon Schiele, whose cityscape goes under the hammer on June 22. The painting is being sold by the Leopold Museum and is estimated to be worth up to 30 million pounds ($50 million) which would comfortably surpass the current Schiele record of $22.4 million. A Venetian view by Francesco Guardi has been valued at around 20 million pounds and is the highlight of the Old Masters sale on July 6. Experts said the art market has yet to regain the giddy heights of the boom that preceded the 2009 slump, although Chinese art has soared in value as wealthy new buyers compete for the top lots. Recent examples include the $65 million paid last month for a work by Qi Baishi and the $69 million price tag on a Chinese vase dated from the 1740s, 40 times its estimate, at a sale in London in November. Chinese collectors have also branched out into Western art and could be a major factor in the market over the coming month, although some analysts have warned of the risk of an unsustainable art rush developing. Vikram Mansharamani, a lecturer at Yale University, recently drew comparisons between China's influence on the art market and that of Japan in the late 1980s and early 1990s, when buyers there smashed auction records only for the boom to turn to bust. "It reflects a national overconfidence that has been a consistent ingredient in financial bubbles," he wrote. "Prudent investors would take great pride in selling at world record prices. Wanting to buy at world record prices is a spectacular reflection of hubris in action." (Reporting by Mike Collett-White; Editing by Steve Addison) Entertainment Fashion Arts Lifestyle Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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