Police are investigating the theft of a C. F. Goldie painting from a Hamilton East property over the Christmas-New Year period.
The painting, titled Sleep 'tis a Gentle Thing, was taken along with several valuable artworks between 27 December and 3 January.
Goldie produced several versions of the Hori Pokai painting.
The director of the International Art Centre, Richard Thomson, sold one for $454,000 in 2009.
After reviewing a police photo of the item, he said it looked like the same one and it could be worth a million dollars now.
"I'm appalled to read that has been stolen and it's something that needs to be returned to its owners immediately," he said.
Other items taken include a Koch & Bergfeld cutlery set.
Police are appealing for information including sightings of the items.
Constable Ben Monk of the Hamilton Tactical Crime Unit said: "These are obviously very special heirlooms and we would love to be able to return them to the owner as soon as possible".