A painting which has been hanging in a student hall of residence at Oxford since the 1930s could be a Michelangelo masterpiece worth £100million.

The mid-16th century work depicting the crucifixion of Jesus was believed to be by one of the Renaissance artist’s contemporaries, Marcello Venusti.

But Italian scholar Antonio Forcellino claims that infra-red technology revealed the 12-inch by 27-inch work to have been painted by Michelangelo himself. ‘No one but Michelangelo could have painted such a masterpiece,’ Mr Forcellino wrote in his book The Lost Michelangelos.

Only a handful of Michelangelo paintings exist which are confirmed as authentic, and all are in museums.

If the one discovered at Oxford’s Campion Hall is authenticated and put on the market, it could beat the £70million record price for a work of art sold at auction set by a Picasso last year.

Clare Dewey of Axa art insurance said: ‘To say Michelangelos don’t come on the market very often would be an understatement. A tiny drawing by the artist sells for millions, so that puts into context how much a painting would fetch if you could prove it is genuine.

‘It could easily be the most expensive painting ever sold. It could even break £100million if experts believe it is real.’

The painting, Crucifixion With The Madonna, St John and Two Mourning Angels, was bought by Campion Hall at Sotheby’s for an undisclosed sum in the 1930s.