Also as a part of the cooperation, Masterpiece London will sponsor a European pavilion of a similar scale at this year's Fine Art Asia fair in Hong Kong later this year.

Vassegh says that she expects there to be a "high level of interest" from European exhibitors to take part in the pavilion, because some of them already visit Hong Kong's art market frequently.

"Hong Kong is such an important center for all of us," Vassegh says, adding that rising wealth in the Chinese mainland in recent years is also making it a growing center for the art trade to complement Hong Kong's market.

She says that Masterpiece London will be keen to consider cooperation opportunities with the Chinese mainland art fairs in future years.

Calvin Hui, co-chairman and director of Fine Art Asia, says the opportunity to host works from Masterpiece London presents a significant achievement for the fair.

He says the initiative will introduce a wide variety of Western museum-quality fine art to Asian collectors, hence "to take fine art collecting in Asia to the next level".

Since its debut in 2006, the Fine Art Asia has attracted a steadily increasing attendance, contributing to a 10-fold increment in sales by 2012, according to the fair's organizers.

Masterpiece London to be held from June 26 to July 3 at the Royal Hospital Chelsea in London, and Fine Art Asia will be held from Oct 4 to 7 in Hong Kong.