Modigliani's largest nude set to go under hammer and is expected to fetch £110 million

A famous painting by the Italian artist Amedeo Modigliani is set to go under the hammer on May 14 in New York.

The 'Nu Couche (sur le cote gauche)' has recently been on display in London as part of an exhibition at the Tate Modern and is currently owned by Irish bloodstock billionaire John Magnier.

The Coolmore stud owner bought the artwork for just $26.9m (£19m) at Christie's in 2003 when it was sold by Casino mogul Steve Wynn according to a Bloomberg report. However, Sotheby's and Magnier declined to comment on the identity of the seller.

Estimates for the sale of piece currently stand at $150m (£110m) as the art world gears up for a bumper May sales period with a range of masterpieces from the estate of David Rockefeller coming up for sale.