A VIEW of Venice owned by an aristocratic antiques dealer will be sold for more than £2m when it is auctioned in New York later this month.

The 18th Century painting by Italian master Canaletto has been owned by Lady Pamela Pidgeon, of Great Brampton House Antiques, in Madley, near Hereford, since 1988 - but now it is being put up for sale with a reserve price of $4m.

The view of the Bacino di San Marco in Venice is the star lot in the first part of Christie's Sale of Important Old Master Paintings later this month.

It is a classic example of the work of Canaletto, who is thought to have painted more than 100 pictures of his native Venice during his lifetime.

"What is spectacular about this painting is the panoramic view of the whole basin. This is probably the most famous view in Venice. This painting is a very good example of his work, and fully autographed," said Alexander Hope, of Christie's.

If the painting achieves its $4m price tag, however, it will still not come close to the record price achieved for a Canaletto. The Old Horse Guards, London, from St James's Park was sold to Cats and Jesus Christ Superstar composer Sir Andrew Lloyd Webber in April 1992 for £10.1m.

The sale of the Canaletto takes place at Christie's Rockefeller Center Saleroom in New York on Wednesday, January 26.