Rumours of a previously unknown Titian portrait being sold for a song at a country auction house tantalised art dealers and collectors yesterday as the identity of the new owner remained a mystery.

Buyers at Gilding’s auctioneers in Leicestershire were stunned last week when two London dealers bid tens of thousands of pounds for a dirt-encrusted portrait valued at £300 to £500. It emerged later that at least one of the dealers believes that the portrait is a misattributed work by the Renaissance master that could be worth more than £5 million. The previous owner had no idea of the value of the painting, which had hung for 33 years on a wall at her Leicestershire home.

The oil on canvas was included in a sale of 503 lots. With most London dealers on holiday, the catalogue attracted little attention. The auctioneer, John Gilding, was aware of the interest in the painting before the sale and began the bidding at £100,000.

The two London dealers, who were in the room, were the only bidders and quickly took the price to £200,000 before the hammer went down at £205,000. With commission and VAT the total cost was £235,109.

Mr Gilding’s son, Mark Gilding, said: “It was considered to be an 18th-century copy of an Old Master. We judged it to be a copy so there was a spectacular result on the day. It is the buyer’s responsibility to authenticate the painting.”

Simon Dickinson, an Old Master dealer and art expert, said that even if the portrait was confirmed as a Titian, its value would depend on its condition. “If it is in good condition it could be worth about £5 million,” he said. “In a poor state it might only be £800,000 to £1 million.”

david.brown@thetimes.co.uk

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