Updated

Everyone knows there's money in oil. But can you imagine if an oil painting you got as a housewarming gift 40-odd years go turned out to be worth $500,000?

That's the value that "Antiques Roadshow" put on a Clyfford Still painting hanging on a California couple's wall since the 1960s. The amazing find is featured on the first episode of the show's 12th season, slated to air in January 2009.

Click for the Antique Roadshow's "Greatest Hits."

"Clearly, the woman who brought this to us knew she had something special," executive producer Marcia Bemko told the New York Post. "She just didn't know how special it was."

The $500,000 price tag makes the painting the most valuable object appraised in the PBS program's history. And it may sell for much higher. A Clyfford Still recently sold at auction for $21 million, the appraier Alasdair Nichol tells the woman on the 'Antiques' episode, "so, in fact, it may turn out that I'm being rather conservative when I say half a million."

Go the NYPost.com for the full report.