British auction house TW Gaze has sold an oil painting that someone bought for £50, for 160,000, amid speculation that it may be the work of an “Italian master”.
The painting is described in the auction house’s catalog as “a 19th century oil painting on canvas depicting a mother and child.”
The late Renaissance painting of Madonna and Child is listed for £50-£80.
A bidding frenzy erupted in Des Norfolk auction rooms, as international bids poured in over the phone and the Internet.
The final winning bid will rise to £200,000 with auctioneers’ fees.
The auction house said its owner “has no expectations regarding the merits of the painting” by an unknown artist.
Some experts said the picture is worth more than that, and will fetch its new owner a lot of cash following its restoration, and its price exceeds one million pounds.
