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NORTH ATTLEBORO - The town could expect to receive at least $800,000 to $1.2 million - and probably much more - from the sale of the "Afghans" painting, according to Sotheby's auction house, which has boosted its previous estimate of the painting's value.

The new estimate came as part of Sotheby's proposal to handle the sale of the Alexandre Iacovleff painting, which had hung in the Community School auditorium since W. Charles Thompson donated it to the town in 1951.

Sotheby's was the only auction house to submit a proposal in the second round of bidding, and the school committee voted 6-1 to hire the New York auction house to handle the sale.

The sale still must be approved by the board of selectmen to move forward.

In its proposal, Sotheby's said it puts conservative estimates in its catalog, which helps to attract bidders. For example, an Iacovleff painting known as "Three Women at the Theater" was estimated at $538,000 to $673,000 and sold for $1.9 million in May 2006, which is the record sale price for one of the artist's paintings.

"Sotheby's is confident that an estimate of $800,000 to $1.2 million will signify an enticing estimate which can only lead to great results for the painting," wrote Sonya Bekkerman, vice president of Russian art at Sotheby's.

Sotheby's has offered to provide the town with 105

percent of the auction sale price by giving the town some of the buyer's commission normally paid to the auction house. The buyer's commission will be 20 percent of the first $500,000 and 12 percent on anything else bid for the painting.

Superintendent Rick Smith said Sotheby's is the best auction house to handle the sale.

"Clearly they are the leader in the world of Russian art, capturing the sale of 72 percent of the market. They have conducted seven out of the 10 recent sales of Iacovleff paintings," he said.

Smith intends to present the proposal to selectmen on Thursday in the hope of gaining approval in time to sell the painting at an April 17 auction in New York City. If approval to sell comes too late for that auction, there will be other opportunities at auctions in London in either June or November.

If a contract is signed with Sotheby's, the town will receive a full-size replica of the painting within three to four weeks to hang someplace in town.

Representative Town Meeting has the final say as to what happens to the money if the painting is sold. The school committee is recommending that all proceeds be placed in a trust fund bearing the name of the Thompson family so that the interest can be used to foster fine arts in the school system.

Members Joan Meilan and Anthony Calcia, who are opposed to selling the painting, voted against the recommendation. "We recognize the donor did hope to foster interest in the arts and maybe the painting became too valuable for us to keep. But maybe through the sale, we can honor the original intent," Smith said.

If selectmen approve the sale, Smith said a reserve price - the lowest amount the painting will be sold for - must be negotiated, but that figure can not exceed the $800,000.