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Lesotho I diamond set in a ring by Harry Winston, Sotheby's November 2008 auction in Geneva

Geneva, Switzerland (GenevaLunch) – This is one of the big weeks in the year for Geneva’s international art market, with auctions taking place at lakefront hotels in Geneva for top-end watches, jewelry and antiques. The world will be watching closely to see if the art market here reflects the economic downturn. Wednesday , a Francis Bacon self-portrait that was expected to sell for $40 million was pulled from a Christie’s auction in New York when it reached only $27.4m, to gasps from the crowd.

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