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A 500-year-old drawing of a horse and rider has sold for £295,000 after a British scholar realised it was a 'lost' work of Renaissance great Raphael.

The small sketch was believed to have been produced by the Italian master in the early 16th century as a preliminary study for his epic fresco that hangs in the Vatican today.

It had been incorrectly attributed to one of Raphael's pupils for decades.