Study for Portrait of P.L.(1962), the Francis Bacon painting of his lover Peter Lacy, will go on the auction block next month as part of Sotheby’s May 14th Contemporary Art Auction in New York.  Expected to sell between $30 and $40 million, the painting could serve as a test of the art market’s current health.  Bacon’s current record at auction is $86.2 million. (more…)