MIAMI BEACH—The art world is holding its collective breath for Art Basel Miami Beach, which takes place December 4–7, hoping that it won’t be the major disappointment that so many market-watchers expect. If recent auction results in New York are any indicator, many collectors will be taking a wait-and-see approach before dropping megabucks for contemporary art. A few months ago at Frieze in London, buyers were said to be more tentative, resulting in a noticeable slowdown of the manic impulse buys and reserves of years past. In the weeks since, there have been near-daily reports of major banks in need of government help and the possible bailout of the U.S. big three automakers — news that is hardly encouraging. But with stellar art for sale, will collectors throw caution to the Miami breeze?

One thing is certain: The pieces brought to Art Basel Miami Beach this year are top-notch, as seen in this selection of works from galleries represented in the fair. Check out who's bringing Sigmar Polke, Robert Rauschenberg, Albert Oehlen, Anselm Reyle, and Tom Sachs, just to name a few, and what they're charging, before the VIP preview on December 3. Even if you can’t make it to the beach, you can still see what’s hot in Miami.

Click on the photo gallery to your left to see what 22 of the top galleries are offering for sale.