Wall Street bonuses are expected to hit a record high of $23.9 billion this year, creating a windfall of tax revenues for the city, a forecast by the state comptroller, Alan Hevesi, said.

While the comptroller estimates that $500 million of the total will trickle down to city government programs through taxes, analysts say most of the money will surface at luxury car dealerships, condominiums, and fine art auctions.

An automotive industry expert, John McElroy, said dealers increase advertising to take advantage of bonus season. “Lexis, Lamborghini, Rolls Royce — all of them, they just love hearing about these bonuses because they know that a large chunk of these guys will end up their showrooms,” he said.

The art industry is also is bracing to benefit as the holiday rewards enter the economy. At Christie’s, the staff anticipates that bonuses worldwide will produce a diverse clientele. “This year, one can likely find a hedge fund manager from New York paying a record price for a contemporary work, a banker from London competing for a rare Picasso, or a real estate magnate from China buying a rare vase,” the president of Christie’s Americas, Marc Porter, said. “Bonus season is upon us, and we welcome all buyers.”

For those looking to upgrade their living arrangements, the extra funds provide the perfect opportunity. A senior vice president at Corcoran, Patricia Warburg Cliff, said many of her clients are first-time recipients hoping to stop renting and start buying. “With those who’ve been out of business school for two years, there’s a tremendous interest in new construction and condos downtown,” she said.

For those accustomed to receiving the large December checks? “I don’t know. Maybe they’ll buy a house in the south of France or something,” she said.

Before investors and bankers start to indulge, however, they should anticipate that taxes will make roughly a 40% dent in their earnings, a tax attorney, Richard Goldstein, said. He said a bonus “is not a gift, it’s taxable income.”

In a statement, Mr. Hevesi said the tax-induced funding for city agencies makes Wall Street “a key contributor” to the city’s budgetary health.

But the taxes hardly narrow the large discrepancy between Wall Street and other New Yorkers. According to the comptroller’s report, the average bonus of those working in the finance sector is 2.5 times higher than the average annual salary for all nonfinancial jobs in the city.