Berlin-born British artist Frank Auerbach has long been undervalued in the eyes of auction houses even as they’ve struggled to generate the same kind of heat that has surrounded Francis Bacon.

Bonham’s made a big score earlier this year with a work from the artist’s Mornington Crescent series. Now they’ve secured a work that hasn’t been seen in a generation. Here’s Bonham’s press statement:

An important and large painting Looking Towards Mornington Crescent Station (1972 -74) by the highly acclaimed artist Frank Auerbach will be sold by Bonhams in the 20th Century British Art auction at New Bond Street on November 17th 2010. The painting, which has never appeared at auction before and hasn’t been since in public since the late 1970s, is estimated to sell for £800,000 – £1,200,000.

In June Bonhams achieved the highest ever price at auction for a small painting by Auerbach (Head of E.O.W. III for £860,000) and is now looking forward to offering this dynamic oil in November, along with a group of sketches by the same artist from the same collection.

Considered one of Britain’s greatest living artists, Auerbach has been based in North London for his entire career, spanning over fifty years. His studio which he’s worked in since 1954 is five minutes walk from Mornington Crescent station.

The painting will be sold during Bonham’s London sale of British art on November 17th. It will be on display in New York this September.

Bonham’s Sale of British Art (Bonham’s)