The painting is not signed and the only clue to who they might be is a motif called a monogram. Glencoe Folk Museum said it was believed the painter may have been an artist called James Goldingham.
There is a record of the artwork being exhibited at the Royal Academy of Arts in London in 1881.
The museum said Egan, Matthews & Rose had carried out “incredible restoration work”.
A spokesperson added that further research would be done to confirm the artist.
Glencoe Folk Museum, which is housed inside two heather-thatched cottages in Lochaber, was set up more than 50 years ago by local women who stood in front of bulldozers to save the cottages from demolition.
It is home to 6,000 artefacts and its collection includes Jacobite relics and memorabilia from the two World Wars.
Work on a £3m revamp started last month and the new-look museum is set to open next spring.