However, critics have their doubts regarding the results of the sale, with this total estimate being below the May contemporary sale from the past 5 years at Sotheby's.

Cy Twombly's 1968 work Untitled (New York City) 1968 is the highest estimated lot of the sale, which the auction house predicts will fetch around the $40 million mark. Sotheby's are hopeful that the rarity of this Twombly work will attract bidders. The work, which is from Twombly's ''blackboard'' series, is in blue, rather than the usual white. This is the first time the work has come to the market since it went into a private European collection directly from Twombly's studio in 1969.

Twombly's auction record was set in November 2015 at Sotheby's with a similiar work which sold for $70.5 million. See more realized prices for Cy Twombly here.

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Twombly's Untitled (Bacchus 1st Version V) 2004 has been estimated to bring in more than $20 million with the seller guaranteed a minimum price by either Sotheby's or by a third party.

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Two Studies for a Self-Portrait, 1970 by Francis Bacon has been estimated to fetch $22 million to $30 million, whilst  Christopher Wool's 1990 work Untitled, an enamel and acrylic works on aluminum, is estimated at $14 million to $18 million.