In recent years, charity auctions have become de rigueur at philanthropic galas. However, as anyone who has attended a handful of these events (or has just seen a list of the lots on offer) can tell you, the quality of the goods varies. While one hopes that bidders always focus on the size of their donation instead of their potential reward, one can't help but applaud a charity auction that offers a chance to do good and acquire good art at the same time.

This Thursday, Gladstone Gallery's 21st Street space will host an auction benefiting the American Foundation for Equal Rights — a group aimed at overturning California's gay-marriage-halting Proposition 8 — that will present just such an opportunity, offering choice work by a variety of established and up-and-coming artists, including many that rarely figure in these philanthropic affairs.

Among the major figures donating work is California–based artist Raymond Pettibon, whose decade-old "No Title (It's my heart)," a bright red and black drawing of a heart on a roughly 21-by-15-inch sheet of paper, is estimated at $20,000. A 1994 Robert Rauschenberg sculpture titled "Cupid's Trap (Glut)" is another opportunity to score work by a major artist for a good cause. The aluminum construction is estimated at $400,000.

Many emerging artists are represented with remarkably fine work. Sterling Ruby, for instance, is represented by "Head Worker Reconfigured RWB," a  2009 bronze piece spray-painted in his trademark drippy neon that is estimated at $60,000. On the more affordable end, Orly Genger has offered a recent ink drawing, "Tough Love," at $1,000, and Ned Vena has sent over an 18-inch-square acid-etched black mirror with a retail value of $2,220.

For collectors who missed the chance to buy at the many season-opening shows, the sale could provide a few unique opportunities. Suzan Frecon, whose show at David Zwirner has only a few days left, has a $15,000 watercolor in the auction; Rob Pruitt, whose two-gallery extravaganza just ended, has a $10,000 painting of the gate to Andy Warhol's Montauk abode; and Alex Hubbard, whose standout show at the Kitchen closed on Saturday, will present a luscious $6,000 resin, fiberglass, oil, and acrylic work.

Even the people running the auction carry sterling reputations. Amy Cappellazzo, the deputy chairman and international co-head of contemporary art at Christie's will oversee the sale with the auction house's business development senior vice president George McNeely at 8 p.m., after a wallet-relaxing 90-minute cocktail session. The master of ceremonies for the evening is none other than art-loving actor Alan Cumming.

One more lot to look out for is a tiny drawing of a healthily-frosted cupcake by Will Cotton. Estimated at $2,500, it is called, simply, "Cupcake." It could be the mascot for charity auctions, which will allow bidders to eat their philanthropic cake while having it (i.e. a quality artwork) too.

For more information, visit www.auction.equalrightsfoundation.org.