Art bought for £100 could fetch £100,000

The painting, of Salthouse Dock in Liverpool, was revealed to be by John Atkinson Grimshaw, and painted in 1892, when auctioneer Jim Railton saw it at the owners' home.

The couple, who wish to remain anonymous, bought it from a London dealer in the 1960s and had not realised its value had rocketed.

Mr Railton said: "When I saw it at their home I realised immediately that it was a Grimshaw and of the finest quality. To offer such an item for sale was a once-in-a-lifetime opportunity.

"It is a breathtaking painting and having been in private hands for around 50 years it is in excellent condition. Not many works of this calibre come fresh to the market like this."

The work will go on show at Old Narrowgate Salerooms in Alnwick on October 13, 14 and 15 before the sale takes place on October 17.

6m estimate on bacon painting

A work by one of the art world's most sought- after post-war figures, Francis Bacon, is to be sold for up to 6m.

Figure in Movement, which dates from 1985, has been on extended loan to Tate Britain for a decade and was originally a gift from the British artist to his doctor.

The painting is to be sold by Sotheby's in New York.