The Warhol for sale is a 1981 silkscreen ink work called "Myths". The Picasso is a 1936 example of the artist's work and is called "Figure". There are also installations for sale by the British contemporary artist Damien Hirst, which may or may not appeal to Chinese tastes.

Magnus Renfrew, the fair's director, is bullish about the prospects for major sales to mainland art collectors.

"We are increasingly seeing far greater numbers of Chinese mainland collectors buying top level international modern and contemporary art," he said.

"The Chinese now have their luxury cars, yachts and properties and they are looking for different ways to express their wealth and sophistication."

Renfrew says Chinese buyers have become very discerning and are having an impact right across the art market, not just with record-breaking lots.

"They are doing their research. They know what they are interested in and are asking the right questions, whether the artist has exhibited, whether they are at the beginning of their careers and whether they have an established reputation," he said.

One who believes Chinese buyers are already having an impact on the world's art market is Morgan Long. She is head of art services at The Fine Art Fund (FAF), a London-based financial vehicle for investing in art.

"There have been examples recently where we have been bidding to acquire items for our fund but have come across frantic bidding from people from the Chinese mainland. We haven't been able to buy anything we wanted at the prices we were looking for," she said. She confirmed the world's art market has been buzzing after the Christie's sale in New York.

"There has been talk of one or two major buyers from China for quite some time but recently there seems to be a lot of interest from Chinese buyers for art works across a wide variety of price ranges," she said.