A Renaissance painting found underneath a garage workbench has sold for more than half a million pounds at an auction house in Banbury.

In a 15-minute bidding battle at JS Fine Art auctioneers, a painting depicting the Madonna and Child went for £685,000.

The painting is believed to be by Renaissance painter Pietro Vannucci, known as Perugino (1450–1523).

Joe Smith, founder and principal auctioneer at JS Fine Art, said: "It was one of those moments every auctioneer dreams of. We knew it was special, but the response was beyond anything we expected."

'Hush - then applause'

The painting was purchased by a private collector, whose identity remains undisclosed, and taken to a fine art conservator.

Perugino was one of the most influential artists of the Italian Renaissance. In his early life he was considered to be equal to Leonardo da Vinci, and was commissioned to paint the walls of the Sistine Chapel in the Vatican Palace in Rome.

"The longer you looked, the more you realised the quality of the workmanship and the elegance of the Renaissance detailing," added Mr Smith.

"When the hammer fell, there was a hush — then applause."

The sale set a new record for JS Fine Art, whose previous house record was £265,000.