05/16/2012 11:12 EDT | Updated 07/16/2012 05:12 EDT

'Garage-sale' Tom Thomson painting draws $110K at auction

A painting bought at a Vancouver garage sale and believed to be the work of iconic Canadian artist Tom Thomson has been sold at auction for $110,000, considerably less than its estimated value.

The untitled oil painting, measuring just 28 by 21 centimetres, was expected to draw $250,000 or more in the auction at Maynards Fine Art and Antiques in Vancouver Wednesday night.

The buyer's identity has not been made public.

The garage-sale buyer, who also has remained anonymous, bought the Thomson oil painting, along with a watercolour sketch by Group of Seven artist Frederick Varley, for $100 and later took the paintings to Maynards for appraisal.

Maynards' director of Canadian and contemporary art, Kate Bellringer, had a number of experts examine the paintings and the consensus was that the works were indeed painted by Thomson and Varley.

Bellringer estimated the value of the Thomson at between $150,000 and $250,000, but thought it would be sold for a higher price at auction.

The Thomson painting depicts a sunrise or sunset over a lake and hills, typical of many works the artist did in Ontario's Algonquin Park before his death in 1917. He was considered a major influence on the Group of Seven.

The value of the Varley watercolour, an impressionistic cityscape of Sheffield, England, was pegged between $4,000 and $7,000 and drew a sale price of $6,500 at the auction.