Artwork missing for 150 years bought for only $506 to be auctioned for more than 500 times its value

An early JMW Turner oil painting has been rediscovered after 150 years. The work was sold originally at auction last year for just $506 thanks to its mistaken attribution to an unknown painter. The new owner was delighted to learn that his modest purchase was in fact a Turner original. After the painting was cleaned, the signature of the English artist became visible.

The Rising Squall, Hot Wells, from St Vincent’s Rock, Bristol (painted by a 17-year-old Turner in 1792) is set to go under the hammer again next month at Sotheby’s in London, but this time with an asking price of between £200,000–£300,000 ($270,000–$400,000).

The subject matter of the oil painting features a hot spring and spa known as Hot Wells House in Bristol and is typical of the artist’s preference for rugged, moody landscapes.

“It changes a lot of what we know, or though we knew, about Turner’s early work and our understanding of how his technique and style evolved,” according to Sotheby’s specialist Julian Gascoigne, speaking to the Guardian. “He’s feeling his way through the medium, but bringing all the experience he already had as a watercolor painter to his application of oil.”

Since the discovery of Turner’s signature, the painting has been analyzed by leading scholars who have confirmed the new attribution.

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