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Coltrane completed the painting after receiving a commission while studying at Glasgow School of Art in the 1970s.
It was before he became widely known for his role as Hagrid in the Harry Potter films and for his grittier role as criminal psychologist Fitz in the television series Cracker.
The painting is the first by the actor to come to auction and has been put up for sale by a private seller.
Other artworks up for sale at the McTear's Scottish Contemporary Art Auction on Wednesday include 58 drawings by the Glaswegian artist Gerard Burns.
Fans of Burns reputedly include First Minister Alex Salmond, actor Ewan McGregor and film director Ridley Scott.
The Burns drawings include landscapes and figurative drawings. They are offered for sale with no reserve price to give less well heeled art lovers the chance to net a bargain.
Mr Burns, whose paintings sell for up to £60,000, said: ''I have to say that I like the idea of people getting the chance to own a wee a drawing of mine, and I'm genuinely happy at the idea that they won't necessarily all sell for big money.
''My prices have been going up consistently for several years and many of my paintings are now out of the financial reach of a good percentage of the population, so this auction gives me the opportunity of giving something back.''
He said the artwork being auctioned is a mixture of working studies for major paintings and original drawings.
Design drawings by fashion designer Zandra Rhodes are also being offered for sale and are expected to fetch around £800.
Magda Ketterer, from McTears, said: ''Having such high-profile and rare works of art that have never been on public sale before is extremely exciting and we expect them to attract buyers from all over the world.
''Having Robbie Coltrane, Gerard Burns and Zandra Rhodes, who are all leaders in their own fields, together in a single auction is something a bit special.''
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