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NORTH ATTLEBORO

Just five years ago, the Russian masterpiece that hung at Community School was worth significantly less than the $600,000 to $800,000 appraisal recently provided by Sotheby's.

The painting was appraised for insurance purposes about five years ago and was given a value in the ballpark of $10,000, according to Assistant to the Town Administrator Michele Bernier.

Because of the relatively low value, a $40,000 insurance rider that covered several of the town's valuable artifacts was used to insure the painting.

But experts say it's not unusual for the value of a painting to skyrocket in a very short period, which apparently has been the case with the Community School's Alexandre Iacovleff painting, which could sell for more than $1 million if the town ultimately decides to auction it. Iacovleff's paintings have recently sold for up to $2 million.

One reason for the high appraisal is that the market for Russian art is hot right now, according to Maureen O'Brien, curator for painting and sculpture at the Rhode Island School of Design Museum of Art.

Russian art collectors are snatching up Russian art from the late 19th and early 20th centuries, and prices have exploded, she said.

The school department is planning to talk with the grandson of the donors, Gregory Smith, and his family to determine what the town should do with the artwork now that it is too valuable to hang on the school wall.

The 7-foot by 10-foot painting called "Afghans" depicts tribesman resting on a hillside and is dated 1932.

It has been hanging in the Community School since about 1950, when it was donated to the town by William Charles and Edith Whiting Thompson.

Proving there are few things more exciting than an undiscovered treasure, media outlets from across New England descended on North Attleboro Tuesday to report on the discovery of the painting.

The Sun Chronicle first reported the discovery on Saturday.