Pablo Picasso's Femme au Costume Turc Dans un Fauteuil will carry a £15m-20m ($24.6m-32.8m) estimate to Christie's Impressionist/Modern Evening Sale in London.
The auction will take place on February 4.
Dating to 1955, the major work shows Jacqueline Roque, a muse whom Picasso would later marry, in a harem costume - one of a number of pieces that explore variations on Delacroix's Les femmes d'Alger dans leur appartement (1834).
The death of Matisse, with whom Picasso had enjoyed a long friendship, is thought to have been a catalyst for his development of the concubine theme as it is a motif that appears throughout Matisse's work.
He told biographer Roland Penrose, who visited him in his studio in 1955, "when Matisse died he left his odalisques to me as a legacy, and this is my idea of the orient though I have never been there".
Jacqueline was also said to strongly resemble a woman appearing in Delacroix's work, and lived for many years in Africa - an orientalist connection that Picasso exploited in his work.
The sale will also feature significant works from Juan Gris and Piet Mondrian - along with pieces by Claude Monet and Alberto Giacometti.
We have this postcard of Picasso's Femme ivre se fatigue, which has been signed by the artist.
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