  The J1-J2 square lattice Heisenberg model with spin S=1/2 has three phases
with long-range magnetic order and two unconventionally ordered phases
depending on the ratio of exchange constants. It describes a number of recently
found layered vanadium oxide compounds. A simple means of investigating the
ground state is the study of the magnetization curve and high-field
susceptibility. We discuss these quantities by using the spin-wave theory and
the exact diagonalization in the whole J1-J2 plane. We compare both results and
find good overall agreement in the sectors of the phase diagram with magnetic
order. Close to the disordered regions the magnetization curve shows strong
deviations from the classical linear behaviour caused by large quantum
fluctuations and spin-wave approximation breaks down. On the FM side (J1<0)
where one approaches the quantum gapless spin nematic ground state this region
is surprisingly large. We find that inclusion of second order spin-wave
corrections does not lead to fundamental improvement. Quantum corrections to
the tilting angle of the ordered moments are also calculated. They may have
both signs, contrary to the always negative first order quantum corrections to
the magnetization. Finally we investigate the effect of the interlayer coupling
and find that the quasi-2D picture remains valid up to |J_\perp/J1| ~ 0.3.
