£530m of works go under hammer at capital's most expensive art sale

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The number of works from important collections coming on to the market means Sotheby's is holding its Impressionist and contemporary art sales in different weeks for the first time, with the former next week and the latter being held at the end of the month.

Highlights include a portrait by Pablo Picasso of his mistress Dora Maar from the estate of a noted collector of the 20th century, Heinz Berggruen.

It has an estimate of up to £8.5 million. Meanwhile, Christie's has estimates on its sales next week that are higher than for any week of sales held in Europe. The upper estimate is £288million. Among the works are a late Francis Bacon triptych painted in response to the suicide of his lover, George Dyer, with an estimate of up to £3million and an Alexej von Jawlensky, Young Girl With A Red Bow, with an estimate of up to £2.5 million, which is being sold to raise funds for the Maurice and Vivienne Wohl Philanthropic Foundation.

Simon Shaw of Sotheby's said turbulence in the financial markets had historically corresponded with periods of great strength in the art market.

"People are choosing to sell major works because they are confident that the market is hungry for them," he said. "Demand for top quality art is as strong as ever ... We are already seeing lots of interest."