The biggest art auction of the year will be held in Auckland tonight with artworks totalling $3 million going under the hammer.

Fine Arts specialist Charles Ninow said many of the pieces up for sale in the Webb's Auction are the artists' finest works.

Bill Hammond's "Farmers Market" is expected to reach up to $350,000, giving it potential to set a record for the most ever paid for a work by a living New Zealand artist.

"We really haven't seen an auction with this much value in it for quite some time.

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"There are several significant artworks that will exceed more than a quarter of a million dollars each."

The Webb's Auction will kick off at 6:30pm.