Participants will get a chance to put their hands on the works of such prominent artists as Pablo Picasso, Camille Pissarro, Ludwig Blum, Reuven Rubin, Mordechai Ardon, Moise Kisling and others.
The auction was initiated by two Israeli ultra-Orthodox businessmen and its timing is not accidental. "The difficult financial situation in the world is making it hard for many businessmen to liquidate property," explained Lucien Krief, 48, the owner of MatsArt - Auctioneers and Appraisers.
"We've recently spoken to several businessmen who are in possession of valuable works of art, and this is how this grand auction came into being," he added.
300 bidders at auction
Fifty-two artworks have been flown to Israel from across the globe in recent weeks. All in all some 120 works will be put for auction today, with revenues estimated to reach $10 million.
The auction will be held at the King David Hotel in Jerusalem. About 200 people are scheduled to attend the sale, and another 100 bidders will participate via the telephone.
Uri Rosenbach, 50, MatsArt director, stressed that "None of the works that will be offered at the auction portray images of exposed women, as this is forbidden according to the Halacha."