A rare work by Ecuadorian master painter Camilo Egas (1889-1962) will auction in Barcelona on March 3.

Campesinos con flauta, a depiction of a peasant with a flute, dates to 1920. During the 1910s-'20s Egas's ideology connected him to Spanish modernism.

The artist would later move to New York and be celebrated as an emblematic artist between the 1930s-1960s.

This work, however, captures the younger Camilo Egas during his years in Madrid. The piece is estimated at €8,000.

To this day, Egas's legacy and influence remain strong. The Museo Camilo Egas in Quito opened in 1981, and the Banco Central del Ecuador has owned a number of his works.

Camilo Egas's Campesinos con flauta, dated to 1920

Banco Central del Ecuador is one of many international banks to have expanded its investments portfolio into art.

Previously, the World Record-priced £65m ($104.5m) Alberto Giacometti sculpture, L'Homme qui Marche I, was bought by German firm Commerzbank.

And among UK banks, the majority state-owned RBS has the largest art collection. It numbers 2,200 pieces, according to the UK's Telegraph newspaper. RBS reportedly acquired the portfolio following its takeover of Natwest in 2000.

Watch this space for more news on the art markets.