LONDON - A PAINTING by Italian master Giambattista Tiepolo thought lost until its discovery in the attic of a French chateau sold on Tuesday for more than two million pounds, auctioneers Christie's said.

The masterpiece, which is thought to have been hidden by the seller's grandparents because it shows a woman baring her naked breast, sold for 2,841,250 pounds (S$6.4 million) at auction in London.

'Portrait of a lady as Flora', which was found earlier this year, far exceeded its pre-sale estimate of between 700,000 and 900,000 pounds.

Christie's said the previously unpublished painting was probably from a series commissioned by the Empress Elizabeth of Russia (1709-1762) and designed for the newly completed Winter Palace.

Richard Knight, international director of Christie's Old Master Department, hailed the sale as proof that while the credit crunch may be hitting some art auctions, there was still a demand for rare works.

'We are pleased with the results of this evening's auction which attracted strong and committed bidding for rare and exceptional pictures, and which illustrated a continuing demand for works of art which are privately sourced and fresh to the market,' he said. -- AFP