A 17th century painting, formerly owned by Elizabeth Taylor and attributed to Dutch painter Frans Hals, is expected to fetch around $1 million in Christie's Old Master auctions in New York.

The Christie's and Sotheby's Old Master sales commenced Jan 25, 2012 and are estimated to fetch around $194 million in toto.

The Elizabeth Taylor-owned 17th century painting, Portrait of a Man, was earlier hung over the fireplace of the actress's Bel Air home. Painted in the early 1630s, the painting was gifted to Taylor in the 1950s by her art dealer father, Francis Taylor. The painting shows a gentleman in a black coat and white collar with his hands folded.

The painting was earlier thought to be by a Hals follower, but later it was established that it was by the Dutch master himself.

The artwork was confirmed by Christie's and Pieter Biesboer, the retired curator of Old Master paintings at the Frans Hals Museum in Holland last summer.

Another Christie's highlight for the upcoming auction includes Hans Memling's The Virgin Mary Nursing the Christ Child having a pre-sale estimate of around $6 million to $8 million.

Bloomberg Businessweek reported that Sotheby's top lot by estimate includes a Canaletto view of Venice expected to fetch between $5 million and $7 million. The painting shows the Redentore and San Giacomo churches as well as boats and gondolas on the canal in front of them. The canvas comes from the estate of Lady Irene Forte, whose late husband, Charles Forte, founded the Trusthouse Forte hotel and restaurant group.