The five styles on display at the museum are: Surf Art, Juxtapoz Aesthetic, Representation Now, Cutting Edge and Plein Air Today.
Auctioneer Chuck Dreyer will preside, and a buffet by Cedar Creek Inn and complimentary drinks by Young's Market Company will be available, along with curbside valet parking.
"In the past, the museum's had an annual art auction that usually occurred in October, and that auction was based on a rotating list of something like 500 artists," Colburn said.
About 300 people attend the annual event, with a majority of the buying done by a core group of collectors. Artists can opt to receive up to 30% of the auction price back to cover their costs, Colburn said, although many choose not to receive anything back.
About $60,000 to $80,000 is raised for the museum's exhibition and educational programs each year through the auction, Colburn said.
"I think this auction has particularly high production values, which I think our collecting community will respond to," Colburn said. "Not only that, but the quality of the art is extra high, and I think our collecting community will be extremely pleased. I think the community will feel that we're ratcheting up as far as the overall quality of the auction."
Former chief curator Tyler Stallings, who sent out the invitations to participants, has one of his own works up for auction: "Vamps," a watercolor of a torn-up Polaroid, was made in 2006 and is listed at $4,000 retail.
Many of the artists invited to submit works for auction were culled from previous and future shows like "OsCene 2006" and "East Coast/ West Coast and Beyond: Colin Campbell Cooper, American Impressionist."