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The painting, titled Elimar, was previously analyzed by the Netherlands' Van Gogh Museum, which determined the artwork was not created by the famed painter, who died in 1890.
The museum said its determination was based on "stylistic features."
The painting was purchased for $50 from a garage sale in Minnetonka and was sold to LMI Group International, a New York-based art research firm, in 2019.
LMI Group released a 450-page report this week arguing in favor of the previously-unknown painting's authenticity as the work of van Gogh.
The report posits that van Gogh painted Elimar in 1889 while confined to a French psychiatric asylum, the same place he created other famous paintings such as Starry Night.
LMI Group said its team included art experts and historians, scientists and data analysis. Their evidence includes an analysis of the writing in the word "Elimar" in the corner of the painting, an analysis of the materials used to create the painting and a DNA analysis of a red hair found in the painting that was determined to have come from a human male.
The report also states the painting contains several stylistic elements consistent with van Gogh's known works.
LMI Group said it plans to present the report's findings to a group of van Gogh scholars and dealers. If authenticated, the painting would be worth an estimated $15 million, the firm said.
