Art auction expects $1 billion-plus in May sales

Sotheby's auction house on Friday showed off the highlights of its Spring sale. Last fall, the auction house set a company record by selling over $1.3 billion worth of art.

They expect to match that sales dollar amount during this latest sale of 800 artworks, according to Brooke Lampley, Sotheby's Chairman & Worldwide Head of Sales for Global Fine Art.

At auction is a 1932 painting by Pablo Picasso of his lover estimated to sell for more than $60 million. A painting by Francis Bacon called A Pope is expected to sell for $40 to $60 million.

The New York auction house expects a 1975 painting by Gerhard Richter to go for $25-$35 million. And, a 1963 silkscreen of Elvis Presley by Andy Warhol is expected to sell for $15 to $25 million.