NEARLY 200 MODERN WORKS OF ART FROM THE PEGGY GUGGENHEIM COLLECTION, INCLUDING SIX PICASSOS, WILL BEGIN A FIVE-WEEKS EXHIBITION AT LONDON'S TATE GALLERY ON FRIDAY (1 JANUARY). THE FAMOUS COLLECTION OF MODERN PAINTING AND SCULPTURE, SHOWN UNDER THE AUSPICES OF THE BRITISH ARTS COUNCIL, IS THE WORK OF MORE THAN 100 ARTISTS.

MRS GUGGENHEIM, WHO IS 66, IS IN LONDON FOR THE OPENING OF THE EXHIBITION. AN AMERICAN, SHE NOW LIVES IN VENICE WHERE SHE ALSO KEEPS HER ART COLLECTION. MRS GUGGENHEIM IS QUICK TO POINT OUT THAT SHE HAS NO CONNECTION WITH THE GUGGENHEIM MUSEUM OF MODERN ART IN NEW YORK, OR THE GUGGENHEIM FOUNDATION -- BOTH PHILANTHROPIES OF HER UNCLE,SOLOMON GUGGENHEIM.

AMONG THE PAINTINGS ON DISPLAY ARE: "RAIN," BY MARC CHAGALL; "THE CYCLE-RACING TRACK," BY JEAN METZINGER; "DEVELOPABLE SURFACE", BY ANTOINE PEVSNER; "DREAM OF THE POET", BY GIORGIO DE CHIRICO; "THE BATHERS", BY PABLO PICASSO; "TWO WOMEN IN FRONT OF THE MIRROR", BY MORRIS HIRSHFIELD; "THE ROBING OF THE BRIDE", BY MAX ERNST; AND "THE SURREALIST", BY VICTOR BRAUNER.

THE COLLECTION EMBRACES MOST OF THE MAJOR MOVEMENTS IN MODERN ART SINCE 1910, AND IS PARTICULARLY STRONG IN CUBIST, ABSTRACT AND SURREALIST WORK. MRS GUGGENHEIM STARTED TO FORM HER COLLECTION IN PARIS AT THE BEGINNING OF THE SECOND WORLD WAR, AND IT HAS BECOME ONE OF THE FINEST COLLECTIONS PRIVATELY OWNED.

HOWEVER, MRS GUGGENHEIM PREFERS TO BE KNOWN AS PATRON OF ARTISTS RATHER THAN AS A COLLECTOR. "NOWADAYS", SHE SAYS, "PEOPLE BUY PAINTINGS MOSTLY OUT OF SNOBBERY OR TO AVOID TAX". MANY OF THE GREAT MODERN PAINTERS REPRESENTED IN HER COLLECTION SHE HAS KNOWN PERSONALLY.

MRS GUGGENHEIM'S PAINTINGS ARE TODAY INVALUABLE. SHE SAYS: "FORTUNATELY, I DON'T NEED MONEY, SO I DON'T HAVE TO PART WITH THE PAINTINGS THAT ARE MY FAVOURITES."