An Emily Carr painting that sold for US$50 at an estate sale has fetched C$290,000 at a Toronto auction.

Heffel Fine Art Auction House says “Masset, Q.C.I.” sold for $290,000 at its fall sale Wednesday night, above a presale estimate of $100,000 to $200,000.

Including a commission paid by the buyer to the auction house, the total price came to $349,250.

The oil on canvas painting depicts a carved grizzly bear atop a memorial totem pole in the village of Masset, B.C., on Haida Gwaii.

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It was discovered several months ago at a barn sale in the Hamptons, where a New York-based art dealer bought it for US$50.

“Masset, Q.C.I.” was painted in 1912 as part of Carr’s efforts to create an extensive record of the artistic heritage of First Nations communities in British Columbia.

Click to play video: 'Rediscovered Emily Carr painting on display'

It’s believed to have been a gift to Carr’s friend Nell Cozier and her husband in the 1930s and has been hanging in a barn in the Hamptons since. The couple had moved to the area to work as caretakers for a large estate after originally living in Victoria.