NORTH ATTLEBORO - Insuring the town's million- dollar masterpiece will only cost the town about $2,500 per year - much less than originally expected.

At the request of the school committee, Town Administrator Mark Fisher said his staff is busy tallying up the costs of bringing the painting back to town.

He said even he was surprised that the painting can be insured for $2,500 per year, provided its value is less than $2 million.

"I was amazed - it's a flat rate," Fisher said. "They're assuming we're going to protect it properly."

Sotheby's auction house in New York City has said the Alexandre Iacovleff painting, called "Afghans" could sell for $1.2 million at auction. The painting was donated by W. Charles Thompson in 1951 when he personally hung it in what is now the Community School. While the school committee voted to sell the painting and use the money to foster the arts for students, selectmen unanimously voted against the proposal, saying the painting should hang in town for residents to enjoy. The board is currently considering hanging the painting in the town hall foyer.

However, the school committee, which sent the painting to Sotheby's for safekeeping, said it will not bring the painting back to town unless a detailed plan for its safety is provided by selectmen.

While one potentially big cost - the price of a security system to protect the painting if it is hung in the town hall foyer - remains outstanding, Fisher said most of the costs have been determined.

Thus far, Fisher said it looks like it will cost about $15,500 to transport the painting back to town, have it appraised, inspected and cleaned - if necessary - and encased in protective Plexiglas.

He broke those costs down as $5,000 for the appraisal, $6,000 for transportation and inspection of the painting, $2,000 for the Plexiglas, cleaning and repairs and another $2,500 to special shading for the town hall foyer to prevent ultraviolet light from damaging the painting.

Those costs are well within the nearly $65,000 in donations pledged by local residents - including $50,000 from the relatives of W. Charles Thompson - to help bring the painting back to town.

Fisher said the annual cost to the town will be $2,500 for insurance and the town would need to set aside another $2,500 per year to pay for an biennial appraisal.