A vibrant, large-scale abstract by Mark Rothko will lead Sotheby’s autumn sale of post-war and contemporary art, where it is expected to sell for as much as €38.5 million, the auction house has said.

No. 1 (Royal Red and Blue) has been in the same collection for three decades and was one of eight works chosen by the artist for his 1954 landmark solo show at the Art Institute of Chicago.

It is one of only two of those works still remaining in private hands, with the others in major museum collections or owned by Rothko’s children, Sotheby’s said in a news release.

Tobian Meyer, Sotheby’s worldwide head of contemporary art, called the offering “a major market event”, noting that “demand for key works by the artist has been insatiable”, dating back to Rothko’s White Center (Yellow, Pink and Lavender on Rose) from the David Rockefeller collection that fetched€56.2 million in 2007.

That price set a record for a Rothko, as well as for any post-war art auction at the time.

Sotheby’s did not identify the owner of the piece, which carries a pre-sale estimated price of €27 million to €38.6 million when it is offered for sale on November 13.

The work is just one of several major art works announced for the upcoming November auctions at Sotheby’s and rival Christie’s in recent days.

Also at Sotheby’s, Picasso’s 1936 portrait of his mistress, Femme à la Fénêtre (Marie-Thérèse) is expected to sell for €11.6 million to €15.4 million on November 5.

It has been in the same collection for 30 years but Sotheby’s did not identify the consignor.

The works offered in November will be exhibited in New York before the sales, with many being shown in art-collecting centres such as London and Hong Kong in the preceding weeks.