London ( CNN ) -- A newly discovered painting by Renaissance master Leonardo da Vinci has sent shock waves through the art world , prompting speculation that more of his paintings could be as yet undiscovered . The `` Salvator Mundi '' was , for years , thought to be a painting by one of da Vinci 's pupils or associates . But after a lengthy period of study and conservation , it has been authenticated as a da Vinci . The painting was sold in 1958 for Â£45 -- about $ 125 in today 's currency -- by descendants of British collector Sir Frederick Cook , who bought the painting in 1900 . Today , the painting is estimated to be worth $ 200 million , according to some scholars . Though the conservator who helped to reveal the painting 's true identity called it `` the rarest thing imaginable , '' speculation is rife that there are other Leonardo da Vinci paintings still at large , possibly lying unknown in private collections . There are currently some 15 authenticated Leonardo da Vinci paintings in the world . But they are difficult to attribute , because da Vinci often left his works unfinished and some are thought to have been worked on by other artists in his workshops . Martin Kemp , Emeritus Research Professor in the History of Art at Oxford University and a leading expert on Leonardo da Vinci , gives the careful estimate that there are probably no more than 20 paintings by the master in the world , which suggests there could be five more to be discovered . Dianne Dwyer Modestini , who conserved and restored `` Salvator Mundi '' said : `` It 's very mysterious , the things that happen to pictures . `` Somehow ( `` Salvator Mundi '' ) leaked out of the Royal Collection , was put on the market in the late 18th century and disappeared until 1900 , '' she said . The painting sustained several over-paint jobs over the years that obscured its true identity . `` People forget or they begin to doubt the opinion of the person who originally said it was by Leonardo , particularly if it 's been badly repaired ... It happens to pictures all the time , '' she said . The last painting by Leonardo da Vinci to be discovered was the `` Benois Madonna '' in 1909 . Other major finds in the last 100 years include the discovery of two bound manuscripts by da Vinci in a public library in Madrid in the 1960s . And more recently , a chalk drawing called `` The Beautiful Princess , '' was discovered . It first appeared at Christie 's auction house in New York in 1998 and was initially thought to be a 19th-century German imitation of a Renaissance painting . Art historian and Professor Emerita of the Florence University Mina Gregori was one of a number of scholars who authenticated the drawing as a da Vinci , though its provenance remains contested . `` I think that there are works that we do not know , '' said Gregori and that `` there are always surprises up to a certain point . '' And given that two Leonardo da Vinci works have been discovered in the space of five years , she is confident there may be more . Works that could be out there include a wooden shield with the face of Medusa painted on it , mentioned in 16th-century art historian Giorgio Vasari 's biography of da Vinci ; the clay molds of a statue of a horse da Vinci was working on when he was living in Milan ; and a mural called `` The Battle of Anghiari , '' which a forensic expert named Maurizio Seracini believes is hidden behind a Vasari fresco in Florence 's Palazzo Vecchio . When it comes to paintings and drawings , Gregori believes that a strong market is an important factor in locating them . `` They were special years in the antiquaries ( world ) , when many people were selling art from their homes , '' Gregori said , referring to the period when the `` Beautiful Princess '' and `` Salvator Mundi '' were sold . `` Now , fewer people buy and so fewer people sell , so in these times you find less , '' she continued . But that wo n't stop people believing there are lost works out there . `` I hope always that we will find new things , '' said Gregori .
Recent disocvery of lost Leonardo da Vinci painting prompts speculation . True identity of `` Salvator Mundi '' lay dormant for years until research confirmed it was a Leonardo . Comment: Once authenticated , paintings leap in value by millions of dollars .