A famous oil painting that went missing for 40 years has sold at auction for £200,000.

The artwork, painted by landscape painter John Constable in 1814, went missing in 1979 after its last location was listed in an Italian scholarly journal before it was found hanging in a terraced house in Guernsey.

The canvas depicts Willy Lott's House in Flatford, Suffolk, which features in a number of Constable's works. It was the home of farmer Willy Lott, and Constable's love for the property meant it was eventually made a Grade I listed building.

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The painting, which measures 11.5in by 9.6in, was confirmed to be authentic after experts traced it back to the artist's grandson, Hugh Constable. Auctioneers from Martel Maides managed to view a receipt showing the artwork had been bought from the younger Constable in October 1899.

It then went under the hammer and was expected to go for a sum ranging from £80,000 to £120,000. However, it ended up fetching a much higher price.

Jonathan Voak, paintings specialist at Martel Maides, said of the artwork: "The re-emergence of this oil sketch will make an important contribution towards establishing the chronology of Constable's oeuvre. Dated June 1814, it provides an important point of reference against which other undated works can be compared.

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"This beautiful, freely-painted, oil study is a rare combination of a work by a great artist that has both historical significance and aesthetic appeal."

The anonymous solo buyer of the painting said she wanted to add it to her private collection. The Guernsey-based art fan said the painting had "evoked a strong emotional response" when she saw it, prompting her to bring it home.

The painting is thought to show Constable's love for Suffolk, where he was born. The artist, who lived from 1776 until 1837, was best-known for his landscapes paintings of natural scenes.

Part of the Romantic movement, Constable's work also focused on areas like Salisbury, Brighton and Hampstead.

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