Michelangelo Was Bought for Just $60

When Sir Timothy Clifford opened the box marked "lighting fixtures II" at the back of the New York museum, he was not hoping for much. He had already peered through hundreds of boxes. Still, the opportunity to rummage through so much uncatalogued art was in itself a joy and, the director of the National Galleries of Scotland admits, he would have looked through one marked "knickers" given half a chance.

By the second week of his trawl through the Cooper-Hewitt Museum's storeroom, Sir Timothy had already identified the work of a few minor Italian artists. Initially, however, box 366 promised nothing so exciting: just 18th and 19th century drawings of fountains and sauceboats, most of a workmanlike nature.

Then came the discovery: a drawing in a style as recognisable as the face of his wife at the breakfast table. For Sir Timothy, a Renaissance expert, there could be no doubt: this was a Michelangelo.

"I have made other discoveries but you really can't get better than Michelangelo. It was the most wonderful feeling."

But how could he be so instantly certain he was right?

"It's really not terribly difficult if you're an art historian to get to know the personality of Michelangelo," he says. "I suspect any number of other people could have made the discovery, it was simply that I was the first to go through all the boxes so methodically."

Measuring 17 inches by 10 inches, the chalk and wash drawing of an elaborate candelabrum is thought to be a study for an unmade piece that was designed to grace the tomb of a Medici pope, Leo X.

Sir Timothy made his discovery in April, but the existence of the Michelangelo has been kept quiet to allow time for research. It has now been authenticated - and valued at a minimum of $10m.

The New York museum bought the drawing in 1942 as part of a batch of design drawings from London dealer P&D Colnaghi - for $60. Colnaghi, in turn, had bought it from Lord Amherst of Hackney's collection in 1921, but wrongly considered it the work of an anonymous 16th century Italian artist.

For Sir Timothy, the discovery was bitter sweet. He has tried for years to buy a Michelangelo for the National Galleries of Scotland. Now he is negotiating to borrow the drawing for an exhibition next year.