Picasso and Modigliani masterpieces offer a portrait of a strong art market

Bonhams' forthcoming Impressionist & Modern Art auction in London next month will feature an impressive selection of works by some of the 20^th century's most celebrated artists.

The sale, at Bonhams' New Bond Street location, will offer art collectors the opportunity to invest in the work of notable artists such as Modigliani, Chagall, Picasso, Renoir, Boudin and Miro.

A major highlight of the sale will be Portrait de Femme (circa 1917-1918) by the Italian artist Amedeo Modigliani. The artist's female portraits are renowned as some of his greatest works, and this particularly fine example which comes to the market from the Grace Vogel Aldworth Trust has a pre-sale estimate of £1.5-2.5 million.

'Portrait de Femme' by Amedeo Modigliani

Alongside the masterpiece will stand a collection of work by Pablo Picasso, which is sure to spark interest with collectors around the world.

It will include 'Nu, Etude pour 'Les Demoiselles d'Avignon'' (1907), a watercolour and gouache study which is amongst a number of works that Picasso created in preparation for his finished masterpiece.

It was last sold in 2007 at a Sotheby's sale in New York, where it beat its high-end estimate to sell for $313,000. In June the painting will hit the auction block with an estimated value of £300,000 - £500,000, more than double its price of just three years ago.

This kind of increase clearly illustrates the continuing strength of the art market and shows the value of investing in 'blue chip' artists such as Picasso, whose work will always be sought after by collectors.

Other Picasso works in the sale include Tête de matador (£150,000-200,000), Femme nue assise (£165,000-175,000) and Personnages (£20,000-30,000).

Further highlights of the sale will include 'L'Écuyère bleu au coq rouge' by Marc Chagall, valued at £60,000 - £80,000, 'Fenetre Ouverte' by the "wild expressionist" Carlos Nadal, priced at £20,000 -£30,000 and 'Paisaje Cósmico' by the Dali-influenced Oscar Dominguez, which has a pre-sale estimate of £100,000 - £150,000.

Deborah Allan, of Bonhams Impressionist and Modern Art Department comments, "We are delighted to be offering a selection of important Impressionist and Modern art works for sale in our forthcoming 21st June sale, and expect there to be a lot of interest from around the globe."

Considering the current market and the number of notable works on offer, the sale could be set for some record-breaking prices.