Sotheby's said Wednesday that "Composition With Blue and Gray," completed in 1927, has been in a private collection for 50 years. Sotheby's did not identify the owner.
The Dutch artist is famous for his angular, primary-colored compositions. Sotheby's specialist Philip Hook said his work "was considered revolutionary at the time it was created and remains startlingly modern today."
"Composition" will be auctioned at Sotheby's in London on June 23.
The record price for a Mondrian is 21.6 million euros ($28 million at the time), paid in 2009 for "Composition With Blue, Red, Yellow and Black."