Discovered paintings have become a staple of this booming art market. The latest ones–two Jasper Cropsey paintings–come from the New York Times and a Larchmont, NY auction house:

The two landscapes — one a winter hunting scene at Niagara Falls and the other an autumn view of Mount Washington in New Hampshire — turned out to be canvases by Jasper F. Cropsey, a leading 19th-century artist of the Hudson River School. His paintings can be found at the Metropolitan Museum of Art and the National Gallery of Art.

The paintings have been authenticated, through the artist’s signatures, brush strokes, themes and earlier sketches, by the Newington-Cropsey Foundation in Hastings-on-Hudson, N.Y., which is on the site of Cropsey’s last home and is regarded as the authority in all matters Cropsey.

“Every year new paintings that have been lost come to light, but these are two of the more exciting paintings that have surfaced,” said Kenneth W. Maddox, the foundation’s art historian […]

The two 15-by-24-inch paintings, their varnish yellowed and crusted with dirt, are scheduled to be auctioned off May 15 at the Clarke Auction Gallery in Larchmont. While Mr. Maddox said Cropseys of that size have sold in a bustling art market for between $250,000 and $500,000 and the record for larger Cropseys is $2.5 million, the auction house is starting the bidding at between $40,000 and $60,000 each, which it thinks is very conservative.

“At the end of the day we hope it flies through the roof,” said Ronan Clarke, owner of the 14-year-old auction house.

Rec Room Treasures: Special Hand-Me-Down Paintings (New York Times)