Colour of money: Cadell masterpiece set to fetch up to £200,000

The Model - Peggy Macrae, a major work by the acclaimed Scottish colourist Francis Cadell, will be auctioned in Edinburgh tomorrow. Peggy Macrae was an artist’s model much in demand before the First World War. The portrait is expected to raise £150,000 to £200,000 when it goes under the hammer at Bonhams.