A version of one of the most recognisable paintings in the world - Edvard Munch's The Scream - is to be sold by Sotheby's in New York, The Guardian reported.

The auction house said the painting could achieve in excess of $80m (£50m), which would make it one of the most expensive artworks ever sold at auction.

The painting is one of four versions created by the Norwegian artist and the only one in private hands. Simon Shaw, head of the impressionist and modern art department at Sotheby's in New York, said: "Munch's The Scream is the defining image of modernity, and it is an immense privilege for Sotheby's to be entrusted with one of the most important works of art in private hands."

"At a time of great critical interest in the artist, and with the 150th anniversary of his birth in 2013, this spring is a particularly compelling time for The Scream to appear on the market. For collectors and institutions, the opportunity to acquire such a singularly influential masterpiece is unprecedented in recent times."

Shaw said it was difficult to predict the value of The Scream but recent sales suggested that the price could exceed $80m. That would place it alongside auction record holders, such as Picasso's Nude, Green Leaves and Bust, which holds the current record after it sold for $106m (£70m) at Christie's in New York in May 2010. That broke the previous record of $104.3m paid three months earlier for Giacometti's Walking Man I at Sotheby's in London.

This version of The Scream is the most vibrant of the four, with the prime example being in the collection of the National Gallery of Norway. It was stolen in 1994, at the start of the winter Olympics in Lillehammer, but returned later that year. Ten years later the other two versions were stolen, this time by a masked gunman. They were also recovered and went back on display in 2008.

The sale will allow this 1895 version to go on public display in London and New York for the first time.