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An early work by the symbolist artist Gustav Klimt that was thought lost forever has reportedly been found in a garage in northern Austria, the Guardian reported.

The timing of the discovery could not be more appropriate as Austria is celebrating its most famous painter's 150th birthday, which fell on Saturday.

The ceiling fresco Trumpeting Putto, which depicts a trumpet-blowing cherub-like child draped in a red scarf against a sky-blue background, is said to have once been part of the ceiling of Klimt's Vienna studio, where he lived with his brother Ernst between 1883 and 1892 after he had completed his studies. In the late 1980s, after a lift was installed in the building in Sandwirt Lane, the fresco disappeared.

Art historians had speculated about its whereabouts ever since and it was believed to have been destroyed. However, art dealer Josef Renz received a call last week from a man claiming to have found the fresco in his garage. The man said he had only recently become aware of the artwork's fame, and did not know how it had ended up there.

"This valuable and unique ceiling fresco is in very good condition," said Renz, who has rescued several other Habsburg-era artefacts from obscure locations. Renz said he was convinced of the authenticity of the painting, which he had spent years searching for. He refused to say how much he had paid the owner for it, but told Austrian media he intended to have the fresco restored and put up for auction in the autumn.