The art world  is buzzing as more than $1 billion worth of art will come under the hammer in New York’s autumn art auctions, which start tonight.

Highlights of the four nights of sales include works by Picasso, Monet, Rothko and Andy Warhol.

Officials from Christie’s and Sotheby’s say the  current art market is  “exuberant” – with participation in major sales from buyers in growing markets in South America, Asia and the Middle East.

Claude Monet’s  “Water Lilies”  could sell for up to $50 million U-S tonight at Christie’s sale of  impressionist and modern masters.

The sale also includes a 1909 work by Kandinsky  which could sell for up to  $30 million.

Earlier this year Edvard Munch’s  “The Scream”  set a new auction record for art when it sold for $120 million.