A rare painting by LS Lowry originally bought for £10 is expected to sell for up to £1 million nearly 100 years later.
The painting, Going To The Mill, was bought by Arthur Wallace for £10 in 1926 and has been in the same family ever since.
It is now going up for auction for the first time at Mall Galleries, central London, with Lyon & Turnbull fine auctioneers where it is estimated to sell for between £700,000 and £1 million.
Lowry completed Going To The Mill in 1925, with the painting reflecting his signature style of industrial landscapes and figures.
It is believed to be one of the earliest sales made by the Stretford-born painter.
The painting was originally bought by Arthur Wallace, the Manchester Guardian’s literary editor, who used it to mark Manchester Civic Week, celebrating the city’s industrial success.
Going To The Mill is marked on the back as being £30, but Lowry let Mr Wallace have it for £10.
Recently on long-term loan to Pallant House Gallery in Chichester, the artwork has been in the Wallace family for the last century.
He also gifted him an additional work, The Manufacturing Town, which the family sold several years ago.
Explaining the original sale, Mr Wallace’s grandson Keith Wallace said: “Lowry said with great daring: ‘Could we say £10?’ and Grandpa wrote a cheque.
“Then Lowry wrote back to him saying: ‘I think I’ve charged you too much. Can I give you another one as well?’. So Grandpa got two Lowrys for his £10.”
The Wallace family still have Lowry’s letter from November 9 1926 where he writes: “Many thanks for your letter and cheque for £10.
“I am very glad Mrs Wallace likes the picture Going to Work and take the liberty of asking you to please accept The Manufacturing Town as a souvenir of the Civic Week.”
According to Simon Hucker, senior specialist in modern and contemporary art at the Lyon & Turnbull auction house, Going To The Mill is a rare yet classic Lowry painting.
He said: “Going To The Mill is the epitome of a 1920s Lowry, when he truly becomes a unique voice.
“It is especially rare for a painting such as this to have had only one owner.
“A work of similar size and date sold from HSBC’s collection last year went for £1.2 million.
“We are very proud to present this painting to the market for the first time since it was sold directly by Lowry.”
