Sigmar Polke's Roter Fische is valued at £3.5m-4.5m ($5m-6.5m) at Sotheby's.
It's set to provide one of the highlights of a contemporary art evening auction in London on June 28.
The enormous work measures four metres across.
It was executed in 1992 and is based on a drawing by the 16th century Dutch master Pieter Brueghel the Elder.
Polke (1941-2010) was a contemporary of Gerhard Richter - the pair founded the influential capitalist realist movement together in Germany in the 1960s.
His record is $27.1m, set for a painting titled Dschungel (Jungle) at Sotheby's last year.
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