Next month, Sotheby’s and Christie’s will hold some of their most anticipated auctions. The major sales of Impressionist, modern, and contemporary art are expected to garner at least $1 billion. Most of that money will be generated from the contemporary art auctions, which have been the highest earning in recent years. The Impressionist and modern art sales are expected to bring a joint $383 million while the contemporary auctions are estimated at over $700 million.

Highlights from the auctions include the renowned collection of vacuum-cleaner tycoon Alex Lewyt at Sotheby’s Impressionist and Modern Art Evening Sale on May 7, 2013. The 200-piece collection is valued at $65 million and includes a still-life by Paul Cézanne (1839-1906) that carries a $25 million estimate and a portrait by Amedeo Modigiliani (1884-1920), which is expected to garner anywhere from $20 million to $30 million.

Christie’s Evening Sale of Contemporary Art on May 15, 2013 will be lead by Jackson Pollock’s (1912-1956) Number 19, a seminal drip painting, which is expected to sell for $25 million-$35 million. It is the most important work by the artist to appear at auction in the past two decades.

Sotheby’s Contemporary Art Evening Auction on May 14, 2013 is also expecting a number of high priced sales. Francis Bacon’s (1909-1992) Study for Portrait of P.L. is estimated to sell for $30 million to $40 million and a painting by Barnett Newman (1905-1970), which is deemed one of the most important works from the Abstract Expressionist School, is also expected to bring $30 million to $40 million.

Christie’s Impressionist and Modern Art Evening Sale will be held on May 8, 2013 and includes works by Claude Monet (1840-1926), Camille Pissarro (1830-1903), and Alfred Sisley (1839-1899).