New York auction houses Christie’s and Sotheby’s are gearing up for spring auctions in the city with nearly $1 billion worth of art for sale.

Last year, Christie’s posted a record $5 billion in sales and Sotheby’s made $774 million in revenue — six times more than 2009 and its second highest ever apart from 2007.

The biggest sale will be held at Christie’s on May 11, when 66 works led by two iconic Andy Warhol self-portraits are expected to fetch from $226 million to $316 million.

Analysts say US buyers are still the major market for such works from the post-war period.

“The hedge-fund guys can afford to do whatever they want,” said Baird Ryan, the managing partner of Art Capital Group, which provides private financial and consulting services for art owners. “They have been collecting for years and don’t bid recklessly.”

Sotheby’s, which kicks off the auctions today, also boasts a Warhol, “Sixteen Jackies,” as well as Jeff Koons’ “Pink Panther” sculpture, each estimated to sell for $25 million.