The 9 x 5¼in (22 x 13cm) work, made in pen and brown ink and dated to c.1740-50, is by Giovanni Battista Tiepolo (1696- 1770) and shares similarities with studies by the Italian painter in the Musée Atger in France and the Museo Civico di Storia ed Arte in Italy.
The sheet is among a series of Old Master drawings together with early 19th century paintings featuring in a stock sale at London dealer Stephen Ongpin Fine Art.
Prices for the works range from around £500 to mid-five figures with the Tiepolo drawing priced at £38,000. Most of the works are sold framed, and all prices include shipping.