The watercolour, commissioned in the 1940s, is expected to make between $80,000 and $120,000 at the Pennsylvania auction.
However, we believe this 49.5 x 67.3cm work could make significantly more than that figure, such has been the interest shown in Wyeth following his death last year.
The work of Wyeth, one of the most revered US artists of the last century, has consistently achieved good results at auction.
Wyeth's Ericksons realised a world record for the artist at Christie's in 2007, when it achieved $10.3m, while his From the Back made $230,000 at an Adelson Galleries sale in New York City in 2010.
Wyeth produced The Lobster Man at the behest of the American Artists in New York, with a view to it being used for a Maxwell House Coffee advert.
Although the painting of the lobster fisherman clutching his steaming thermos never made it to the billboards, it is sure to tempt many art collectors.
The watercolour was acquired directly from the artist and has been passed down through the family since.
The strong provenance of the piece could well excite alternative investors looking to make a profit in years to come, although the private market can also be a happy hunting ground for bargain-loving art fans.
Freeman's auction will also feature Victor Pierre Huguet's At The Well, which has a high end estimate of $30,000, and Jack Butler Yeats's The Breaker Out, which is expected to make as much as $250,000.
Check back here next week to see how these works fare.