More art treasures are heading to the New York auction market in November with Sotheby’s announcement that it will offer Pablo Picasso’s stunning “Nature Morte Aux Tulipes,” a 1932 painting featuring the sculpted head of the painter’s mistress and muse Marie-Thérèse Walter with a green garland wrapped around her plaster-white face.

The painting is estimated to fetch between $35 and $50 million and last saw action in the salesroom when it sold as the cover lot at Christie’sNew York in May 2000 for a then-hefty $28,606,000, becoming the eighth most expensive Picasso ever to sell at auction. Since then, the market and hunger for trophy paintings has ramped up considerably.

More importantly, the large canvas, which was painted in a single spring day in Paris, is closely related to the larger and grander “Nude, Green Leaves and Bust,” also from 1932. That painting sold from the collection of Sidney F. Brody at Christie’s New York in May 2010 for a record-busting $106,482,500. Both the Brody Picasso and “Nature Morte” feature a painted version of the sculpted, monumental plaster portrait busts of Walter from 1931, which were made at the artist’s hideaway at a 17th-century chateau in Boisgeloup, Normandy, where he pursued his affair at a safe distance from his wife, Olga.

Sotheby’s November 5 evening sale of Impressionist & Modern Art will also include works from the estate of storied Greek shipping magnate and collector George Embiricos, led by Paul Cezanne’s “La femme à l’hermine, d’après le Greco,” from 1885-86 (est. $5-7 million). Originally in the collection of Cezanne’s famed dealer Ambroise Vollard and later owned by Cezanne accumulator Auguste Pellerin, the composition is based on a 16th-century work by the Spanish master El Greco entitled “Lady in a Fur Wrap.”

It has been widely reported (after a Vanity Fair online scoop in February) that a blockbuster Cezanne, “Card Players,” was sold to the oil-rich nation of Qatar from the Embiricos collection in a still-murky private transaction for a price reputed to be in the $250-million range. The estate is also selling a racy Picasso work on paper, “Le Viol,” from 1940 ($4-6 million).

The following week, Sotheby’s will also offer a ferociously composed Francis Bacon in its contemporary art evening sale on November 13, “Study for Head of Isabel Rawsthorne” (1967) carries a $9-12 million pre-sale estimate. The painting captures the angst-ridden scowl of the model and artist, one of Bacon’s few close female friends. The openly gay painter boasted in a Paris Match interview in 1992 that he had an affair with Rawsthorne and raved about her beauty.