Lone Lake by Franklin Carmichael 

Painted in 1929. "Lone Lake" near Sudbury, Ontario, Canada.

This large scale watercolour  set the highest paid amount for "work on paper by the group artist". The piece sold for $330, 400 at auction. The painting was renamed to "Carmichael Lake" after the artist.

Source: http://joyner.waddingtons.ca/blog/