A $35 million Diego Velázquez portrait is expected to triple the artist’s auction record.

Diego Velázquez’s full-length portrait Isabel de Borbón, Queen of Spain (1623) will be auctioned by Sotheby’s in New York next February. This event marks the first time in over half a century that a work of this magnitude by Velázquez has been available on the secondary market, with an estimated value of $35 million.

The monumental portrait is expected to triple the 17th-century artist’s current auction record, which is £8.4 million ($10.6 million), set in 2007 at Sotheby’s London.

In the 19th century, the portrait of Isabel de Borbón was sold to Henry Huth, a book collector who presented it at Wykehurst Park in Sussex, England. Since then, the painting has remained in private collections; it was sold to its current owners in 1978.

“This exceptional painting is remarkable not just for its beauty and quality but also for its scale and subject matter,” said George Wachter, Sotheby’s chairman and co-worldwide head of old master paintings. “Royal portraiture allowed Velázquez to push forward art in new and revolutionary ways, and this grand portrayal of Isabel de Borbón is an exceptional example of the artist at the height of his powers, shaping the direction of portraiture for generations to follow.”

Before the New York auction, Isabel de Borbón, Queen of Spain will be displayed in London at Sotheby’s New Bond Street Galleries from December 1st to 6th, marking its first U.K. showing in 50 years. Sotheby’s annual Master Paintings auction will take place on February 1st, 2024.