Market news: Masterpiece sales, Master Drawings London and Master Paintings Week London's major contemporary art sales take place this week with Christie's and Phillips de Pury & Co boasting their highest ever pre-sale estimates for such sales in the UK. So, are the top, multi-million-pound lots by Yves Klein, Francis Bacon and Jean-Michel Basquiat really masterpieces? That is not a question which London's newest fair, Masterpiece, which opens for its fourth year in Chelsea tomorrow, is attempting to answer. While there will be a smattering of contemporary art, this is an eclectic cultural event that seeks to present the best quality from a wide range of exhibitors - from Old Masters and antique furniture to jewellery, fine wine, and contemporary industrial design such as the latest Rolls-Royce. It is, in short, a shopping mall for the very rich. Under the new chairmanship of art consultant Philip Hewat-Jaboor, the fair is brimming with ideas and activities. Among the new exhibitors is London's Aktis Gallery, which specialises in 20th-century art by Russian artists in exile, particularly in Paris. The gallery will catch something of the wider cultural tenor of the fair by staging a recital on Friday evening by the internationally renowned husband-and-wife team of violinists, Yuri Zhislin and Natalia Lomeiko. Elsewhere, among a host of daily events, the Russian theme continues with the Marquess of Cholmondeley talking about his family's collection, which was sold to Catherine the Great, and Ruinart will be conducting regular champagne tastings. Opening at the same time as Masterpiece is Master Drawings London, an annual event in which drawings dealers in London mount special exhibitions to promote their latest discoveries. English watercolour specialist Lowell Libson, for instance, has discovered a perfectly preserved William Blake entitled Parental Affection or The Meeting of a Family in Heaven (below). The watercolour has been in the same family collection since it was acquired from the artist in 1816. "This work is totally unknown and unrecorded and has been in an album since it was first acquired by Charles Tulk from the artist," says Libson, who has valued it in six figures. It has never seen the light of day and is in superb condition. Following in the footsteps of Master Drawings, Master Paintings Week is an initiative by 23 Old Master dealers which begins on Friday, and is held in conjunction with the Old Master sales which begin their viewing at the same time. Among the special exhibitions is one devoted to royal portraiture by the television art sleuth Philip Mould and a collection of pre-Impressionist open-air paintings by European artists formed by retired art dealer John Lishawa, which is held by Ben Elwes Fine Art. Some of these paintings will be for sale at prices ranging from £10,000 to £50,000.