A painting sourced from Melbourne, Australia, by 17th century Dutch artist Adriaen Coorte fetched ₤2.1 million Wednesday at an auction in London. Titled "Three Peaches on a Stone Ledge with a Painted Lady Butterfly," it broke pre-sale estimates of ₤300,000-500,000.

Coorte was known for still life paintings, which are all undated and signed with the artist's initials only. He was an artist from the Golden Age of Dutch paintings whose works were characterised by meticulous detail and beautiful way of handling light.

Experts estimate the painting was made between 1693 and 1695.

The masterpiece, which was previously not recorded, was spotted in Sydney by Dalia Stanley, senior specialist of Bonhams, one of the world's oldest and largest auctioneers of fine arts and antiques founded in 1793.

The painting was identified by Caroline Oliphant, a specialist from Bonham's Old Masters Department. It was held by a family for more than 150 years, most likely bought in Europe by the owner's great grandfather. The family brought it to Australia in 1956 and left the art piece hanging in a cool corner, away from the light.

Andrew McKenzie, head of Bonhams Old Master Department and an expert on 17th century Dutch still lifes, said the recently discovered painting is the best of Coorte's work yet seen and the selling price reflected the high value of the art piece.