Giovanni Antonio's Venice, the Piazza San Marco Looking East Towards the Basilica is excepted to make £5m-7m ($7.9m-11m) in Sotheby's Old Master & British Paintings Evening Sale in London on December 3.
Canaletto (1697-1768) was a hugely successful view painter whose primary market was wealthy English aristocrats taking the Grand Tour.
Today he is regarded as one of the most important landscape artists of his era. His record stands at £18.6m ($29.4m), set at Sotheby's London in 2005 for View of the Grand Canal from Palazzo Balbi to the Rialto.
Sotheby's comment: "This quintessential view of Venice has enjoyed a particularly distinguished English provenance and is here shown in public for the first time since the ground-breaking Manchester Art Treasures exhibition back in 1857…
"The number of variants of this scene that Canaletto painted throughout his career is evidence of the popularity that it enjoyed with eighteenth-century visitors to Venice."
Another version of the painting sold alongside another Canaletto for £9.6m ($15.6m) at Sotheby's last year.
The sale will also include a major work by JMW Turner titled Rome, from Mount Avenine that carries an estimate of £15m-20m ($24.4m-32.6m).
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