A painting of a horse fair by Sir Alfred Munnings has been sold at auction for £182,500 by the family of the man who bought it from him a century ago.
The Fair was sold by the East Anglian artist to merchant Douglas Anderson for £35 following a 1916 exhibition.
The work is unsigned, with the artist identified on a label, which Bonhams said had affected its auction price.
The painting depicts a fair somewhere in the UK or Ireland.
Sir Alfred was born at Mendham in Suffolk in 1878 and trained at Norwich School of Art.
His former home in Dedham, Essex was turned into a museum for his work after his death in 1959.
Bonhams said it was believed he painted The Fair during the period he was working in Lamorna, Cornwall.
The work features a signed label on the back of it, rather than signing the front.
Peter Lee, from Bonhams, said that "by 1916, Munnings had become fairly established, although he could command much higher fees for his works later in his life".
"The Fair would have fetched a much higher price if Munnings had signed the painting itself."
In May, a painting of a Newmarket jockey by Sir Alfred fetched nearly £500,000 at auction.
The Fair was bought by a private collector who wished to remain anonymous.