A painting by French master Henri Matisse could fetch as much as $5.8 million at the first Canadian auction of one of his major works.

“Femme assise sur un balcon” will be sold to the highest bidder at Heffel Fine Art Auction House in Toronto on May 29.

The painting was created in Nice in the south of France in 1919 and shows a woman sat in an armchair on a balcony.

“Femme assise sur un balcon is the first major oil on canvas by the legendary artist offered at auction in Canada, representing a milestone for the Canadian market,” Heffel said in a press release.

“The work bears illustrious provenance, as it has remained in the artist’s family for generations, passed down through his son Pierre and eventually to his grandson Pierre-Nöel.”

Wednesday’s auction will see 100 masterpieces, including works by A.Y. Jackson, offered for sale from the Art Gallery of Ontario collection.

Jackson was a Canadian painter and a founding member of the early 20th century band of landscape painters known as the Group of Seven.

His works ”Laurentian Hills” and “Red Cedar” are estimated at between $250,000 to $350,000 and $125,000 to $175,000 respectively.

The auction house expects the sale to raise between $15 million and $23 million.

“Heffel’s international offering this spring marks an important milestone in the growth of our firm and signifies the maturity of the art market in Canada,” said David Heffel, president of Heffel Fine Art Auction House.

“The strength of the masterpieces on offer shows an increased prominence of our artists and collectors.”

Works for sale from the estate of Canadian philanthropists Blema and H. Arnold Steinberg are led by two pieces by Jean Paul Riopelle, Incandescence and Carnaval II, estimated to fetch between $1.5 and $2.5 million each.

An untitled canvas from Paul-Émile Borduas’s black and white period is predicted to sell for between $300,000 and $500,000.

Museum-quality works by Emily Carr, Lawren Harris and other internationally renowned Canadian artists will also be auctioned.

The live auction is open to the public and will be held at Design Exchange, Bay Street, Toronto.

The post-war and contemporary art auction starts at 4 p.m. on Wednesday, with the Canadian, impressionist and modern art bidding beginning at 7 p.m.