When iconic designer Yves Saint Laurent died of brain cancer in June 2008 at the age of 71, he left behind a rich fashion legacy: He popularized the women's pantsuit, see-through blouses and the safari jacket. But he also left behind one of the world's greatest art collections.  Assembled over 50 years with his lover and business partner Pierre Bergé, the 700-plus works went on the block Monday in a three-day auction that art-world aficionados are referring to as the sale of the century. The collection spans a range of styles and eras, including old master paintings and drawings, rare works by impressionist greats, African art and more. Christie's International (other-otc: CTTDY.PK - news - people ), which is running the sale at Paris' Grand Palais, estimated a total take as high as $390 million earlier this month.  The sale takes place over multiple sessions, from Feb. 23 through 25. So far, it looks like demand for top-quality work is strong. On Feb. 23, records were smashed for six artists--Pierre Matisse, Constantin Brancusi, Piet Mondrian, Giorgio de Chirico, Marcel Duchamp and James Ensor--in a sale that totalled $266.7 million (Christie's presale estimate was $167 million to $234 million). One dark spot amid the high prices: A Picasso Christie's had expected would fetch at least $32 million, went unsold when bidding stalled at $27 million.  Proceeds from the sale will go to two charitable foundations set up by Saint Laurent and Bergé.  Since the financial markets started collapsing in the fall, auctions have struggled, and auction houses have limited the number of lots for sale. Sotheby's (nyse: BID - news - people ) Impressionist & Modern Art Evening Sale on Feb. 3 in London fetched just $46 million including commissions, compared with the $230 million the sale hauled in a year ago. But Christie's--and the benefactors--hoped that the greatness of the Saint Laurent collection would defy the downward trend.  Though some collectors had carped before the sale about high estimates, the energy in the room was high the first night and bidding was vigorous. One collector had hoped to snag a Gauguin, but the bids wound up doubling the house's high estimate and the collector gave up.  Christie's has invested heavily in the sale, reportedly making a $60 million loan to Bergé's charitable foundation and putting out a boxed set of five auction catalogues that it sold for $290 each. The house also had to field a last-minute legal challenge from a group called the Association to Protect Chinese Art in Europe, which sued in French court in an effort to block the sale of two Chinese bronzes in the collection, a rat's head and a rabbit's head worth up to $12.7 million each. A French court resolved the suit in Christie's favor late Monday.  Among the works in the Feb. 23 painting auction was a 1911 canvas by Henri Matisse (1869-1954), "Les coucous, tapis bleu et rose," which Christie's head of impressionist and modern art, Thomas Seydoux, says defines Saint Laurent's approach to design.  "This picture by Matisse is all about juxtaposition and defined balance between color and motif," observes Seydoux. "That's what Saint Laurent was all about: finding balance in his clothes between color and motif."  The still life depicts a blue and white vase holding a tight bouquet of yellow flowers atop a tablecloth of deep blue and pink. The swirling designs on the fabric are reminiscent of the famous 1910 Matisse depiction of dancing figures, "The Dance," which hangs in the Museum of Modern Art in New York. In "Les coucous," a vibrant light blue wall serves as the backdrop to the flowers, and a diminutive painting of a painting by fellow fauvist Albert Marquet hangs just to the right of the vase.  Christie's estimated the picture would sell for $16 million to $23 million. Instead the painting brought a startling $45.6 million, with commissions, setting a record for the artist. The previous record for Matisse, set in November 2007 at Christie's in New York, was $33.6 million.  The buyer of "Les coucous" is a European collector, says Franck Giraud, the French-born New York dealer who made the top bid on behalf of his unnamed client. Giraud, a former head of impressionist and modern art at Christie's, is a partner in Giraud Pissarro Segalot, with offices in New York and Paris. Giraud's partner Philippe Segalot is the chief art buyer for billionaire François Pinault, owner, among other things, of Christie's auction house.
At an unprecedented auction in Paris, a Matisse masterpiece sets a new record for the artist at a sale that could fetch a total of $390 million.