Known the world-over for his "The Great Wave Off Kanagawa," Hokusai (1760-1849) will be celebrated with a new museum in Tokyo and the acquisition of a rare painting by the famed ukiyo-e woodblock print artist.

Tokyo’s Sumida ward, in the north of the city, announced plans to purchase Hokusai's scene of 19th-century Tokyo, depicting figures along the Sumida River and the nearby Yoshiwara red-light district. The work appeared at auction in 2008 after it went missing for a near-century.

Thought to have been painted in 1805, “Sumidagawa Ryogan Keshiki Zukan” (“Landscape Scroll on Both Sides of the Sumida River”) is said to have been a commission for Utei Emba, a writer in the late Edo period through 1868.

The city district says donated funds will cover the $1.24 million price tag for the work to go on public display at the Sumida Hokusai Museum scheduled to open in the fall of 2016.

Excellent condition, the varied colors and medium of the work, along with the known date and early provenance combine to make it an unusual work in Hokusai's oeuvre.