Major works by Rothko, Litchtenstein head to New York City auction of contemporary art

Associated Press

Major works by Mark Rothko and Roy Lichtenstein (LIHK'-tehn-styn) lead a Sotheby's auction of contemporary art.

Rothko's "Untitled (Yellow and Blue)" has a presale estimate of $40 million to $60 million going into the auction Tuesday night.

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The 8-foot-tall abstract painting of large yellow and blue planes once hung at the National Gallery in Washington for 10 years.

Lichtenstein's "The Ring (Engagement)" is a 1962 work that could fetch about $50 million.

It's being sold by philanthropist Stefan Edlis. Last month, the Art Institute of Chicago announced Edlis was donating a group of 42 pop and contemporary artworks valued at about $40 million.

The current Rothko auction record is nearly $87 million. Lichtenstein's is $56 million.