An almshouse in Sherborne, Dorset, has announced plans to sell a rare 15th-century altarpiece to raise funds for new housing for local people.

The trustees of the Almshouse of Saint John the Evangelist and John the Baptist discovered the artwork’s extraordinary value after Sotheby’s examined it during building renovations.

The auction house confirmed the piece was crafted from oak in Brussels in the late 1400s, identifying it as a rare example of Flemish art.

Measuring 8ft wide and 3ft high, the piece depicts five miracles of Christ, including the raising of Lazarus. It will be auctioned at Sotheby’s on 3 December, with estimates ranging between £2.5 million and £3.5 million.

Trustees say proceeds from the sale will be used to remodel the almshouse and provide much-needed accommodation for the community.

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