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LONG-LOST GAINSBOROUGH SKETCH DRAWS $1 MILLION

A drawing by Thomas Gainsborough, lost since a previous owner went down with the Titanic, fetched a record about $1 million at a London auction.

The 20-inch-by-12-inch drawing of a mother and child is believed to be a study for an unrealized painting.It went to an anonymous buyer at Christie's, setting a record for an English drawing and nearly tripling the previous record for a Gainsborough drawing.

The drawing was previously bought in London in 1912 by 27-year-old American collector Harry Elkins Widener, who died on the liner Titanic - sunk by an iceberg - after shipping his purchases to the United States in advance.

The picture was lost until it was found in the United States in the home of a Widener heir.