In what has become a seminal event for the major league arts scene in San Francisco, the Museum of Modern Art and the Modern Art Council will hold their annual art auction on May 14.
   

This year’s auction will feature more than 100 lots representing a range of art, including photographs, paintings, and works on paper. The pieces have been donated by local and national galleries as well as by artists themselves.
   

Live and silent auctions will be held throughout the night. The live auction will include some 30 works by such important artists as Diane Arbus, Squeak Carnwath, Olafur Eliasson, Philip Guston, Richard Serra, and Martin Puryear, among others. The silent auction will feature more than 70 works by artists including Christopher Brown and Peter Voulkos. Proceeds will benefit the museum’s world-class exhibition and educational programs.
   

The highlight of the live auction will be the work Turbosphere (2007) by Icelandic artist, Eliasson, whose work was the subject of a recent critically acclaimed survey organized by the museum. 
   

Another point of interest will be the work, A castle in Disneyland, Cal. (1962) by Arbus, who is known primarily for photographs of people she discovered in New York City during the 1950s and 1960s. 
   

Art Auction 2008 begins at 5 p.m. with cocktails and the start of the silent auction for the event’s benefactor-level supporters. That sounds exclusive. It is. Doors open at 6 p.m. for general ticket holders, and the event continues at 7 p.m. with the live auction, cocktails and hors d’oeuvres.
   

Yes, these are big-ticket items for big-ticket people with big tickets: $700 benefactor, $350 general, and $6,000 for tables of six (limited number available).
   

Art Auction 2008: S.F. Museum of Modern Art, 151 3rd St. (near Mission); May 14, 5-9:45 p.m.; tickets and information at 415-618-3263.