Lucio Fontana's Concetto Spaziale. Attesa is valued at £500,000-700,000 ($828,350-1.1m) ahead of Sotheby's Contemporary Art Day Auction in London on February 13.
The piece dates to 1964-1965 and is one of a number of spacialist works, which sought to create a fourth dimension to the canvas - often through slashing or stabbing at it.
Concetto Spaziale. Attesa was executed between 1964 and 1965
Fontana (1899-1968) aimed to blur the lines between painting (a two-dimensional art form) and sculpture (three-dimensional), resulting in a kinetic body of work that draws parallels with abstract expressionism - where the canvas becomes the record of the act of creation.
Fontana's work has achieved impressive results previously at auction. His Concetto Spaziale, Le Chiese de Vienna holds his auction record, achieving $6.8m at Sotheby's in June 2013.
More recently, a work simply titled Concetto Spaziale made £1.6m ($2.5m) at Sotheby's London in October 2013.
Glenn Brown's Exercise One (For Ian Curtis) After Chris Foss carries an estimate of £350,000-450,000 ($581,035-747,045).
Part of a series of paintings painstakingly copied from illustrations by classic science fiction artist Chris Foss, the monumental work depicts an iceberg adrift in space.
In October last year another piece from the series, titled "Ornamental Despair (Painting for Ian Curtis) Copied from the Stars Like Dust, 1986 by Chris Foss", made £3.5m ($5.7m) at Sotheby's.
It failed to match his auction record, which was set for the Tragic Conversion of Salvador Dali, which realised £5.2m ($8m) at Sotheby's London in 2012.
Sotheby's contemporary evening sale in London on February 12 will see the sale of a major work by Lucian Freud.
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