Sotheby’s, is preparing to sell as much as $300 million of impressionist and modern art in New York, including a Paul Cezanne still life with a top estimate of $35 million.

The Nov. 7 auction could more than double Sotheby’s year- earlier total though rival Christie’s International has the blockbusters of the autumn sales, the second-biggest of the year. Christie’s the next evening will offer works valued at as much as $330 million in its biggest auction ever, also double 2005’s sale.

The art boom is swelling auctions by bringing out sellers who may expect prices to fall as the world economy slows. The U.S. owner of Cezanne’s “Nature Morte aux Fruits” bought it in 2000 for about $23 million, when he viewed it as undervalued, said David Norman, Sotheby’s co-chairman of impressionist and modern art, in a telephone interview from New York.

“He feels this is the right moment to put it back out,” said Norman, who wouldn’t name the seller. “A lot of our consignors feel this is a good time to sell.” So far, Norman said, he saw no sign that collectors would have trouble absorbing the doubling of supply.

Publicly traded Sotheby’s, whose shares often rise on news of big sales, and privately held Christie’s have encouraged sellers by promising a minimum price at the sales, on a bet that sale prices will exceed their obligations. Almost half of Sotheby’s sale may be guaranteed, including the Cezanne, Norman estimated.

Posted: 09|21|06 at 2:35 pm. Filed under: US News.