An auction at Sotheby’s is being watched closely by the art market as it will be a test of whether buyer confidence is down.

It is hoped that the auction of Damien Hirst’s work will bring in at least 117 million dollars, but after a string of disappointments in high-profile auctions this year the September 15-16 auction is being regarded as crucial to maintaining confidence in the contemporary art market.

Indications are that the auction will do well, with a poll of art-market insiders showing 78 percent expected the art will sell within Sotheby’s expected range.